Payroll processing can be time-consuming and difficult at the best of times, but this past financial year has been a particularly challenging one with the introduction of furlough pay.
As we enter the final few weeks, it is time to start preparing for the end of year. As an employer, there are certain tasks you need to complete before the deadline. With our guidelines, the process should be dealt with efficiently.
Employer responsibilities and key dates
Tax year 20/21 ends on 5th April
New tax year 21/22 starts on 6th April
Report to HM Revenue and Customs (HMRC) on the previous tax year 20/21 by sending your FPS on or before the last pay date and mark it as ‘final’
Prepare for the new tax year, which starts on 6th April
Update your employee payroll records before 6th April
Make sure your payroll software is running the latest version, if not, update.
Issue your current employees a P60 by 31st May
Report to HMRC any employee expenses and benefits by 6th July
Pay Class 1A NIC on P11D benefits. Deadline 22nd July
When updating your employee records make sure they are on the correct tax code.
Check the pension scheme and update if any employees have opted out, or have left your employment during the tax year 20/21.
BEAT THE TAX YEAR LIKE A PAYROLL HERO
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