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13 Mar 2024
Payroll year end can be a complex process, but here at Prime we are committed to supporting our clients through the process.
Our Chartered Institute of Payroll Professionals (CIPP) certified specialists have compiled a handy payroll year end checklist to help simplify the processes and procedures you need to complete.
This includes all the tasks you need to complete and the deadlines you need to be aware of.
Read on to learn how to prepare payroll year end.
In the UK, the tax year runs from April 6 of one year to April 5 of the next.
Payroll year end marks the conclusion of the tax year for payroll purposes and signifies your final submission to HM Revenue & Customs (HMRC).
During this last submission, you must provide additional details including Full Payment Submissions (FPS) and Employer Payment Submissions (EPS).
Follow the steps below to simplify your payroll year end process and ensure all information is accurate and up to date.
The frequency of pay periods can differ depending on the employer's chosen payment schedule, such as monthly for salaried staff and weekly or fortnightly for hourly rate staff.
The timing of staff payments can affect payroll year end processing and tax implications.
As 2024 is a leap year, you may encounter a week 53 payroll when paying your weekly, fortnightly or four-weekly payrolls.
A week 53 payment occurs when there are 53 weekly pay days in the tax year.
Make sure all employee information is current and accurate.
This is to ensure your employees are paying the correct amount of tax and National Insurance, and receiving statutory payments where eligible.
Stay up to date with legislative, tax, compliance and payroll law updates.
These changes can impact personal tax allowance rates and thresholds, National Insurance contributions and more.
At Prime, we keep updated on changes to payroll by attending industry seminars, webinars and training courses to ensure our knowledge and advice remains relevant.
We understand changes to payroll legislation and procedures can be difficult to keep on top of, so we’re here to provide advice and support when you need it. Learn more about our payroll services and speak to our experts.
Be ready for annual reporting obligations by anticipating requirements.
This includes reporting on the previous tax year (ending on April 5) to HMRC and providing every employee with a P60.
You need to double-check your payroll transactions for accuracy.
The reconciliation process ensures your payroll report matches the amount paid to employees.
Keep your staff informed about upcoming payroll changes and how they may be affected.
Always plan holiday payroll schedules in advance.
Evaluate your payroll procedures regularly to identify ways you can improve and streamline procedures.
Creating a personal payroll year end checklist can help confirm you have completed all the necessary steps and haven't overlooked any critical items.
If you reach the Apprenticeship Levy threshold at any time during the year, submitting an EPS will be necessary.
Keep on top of your obligations by knowing key dates in the payroll calendar.
Here are some essential dates we recommend marking on your calendar to ensure a seamless payroll year end:
Every tax year, HMRC introduces updates you need to be aware of to maintain compliance.
These revisions might include changes to the following:
Staying informed about these adjustments is vital to avoid discrepancies or complications with HMRC. Review all rates and thresholds for 2024/25.
At Prime, we understand the importance of outsourcing payroll during the year end process.
Delegating your payroll responsibilities to us can significantly alleviate the stress and workload associated with the tax year end.
We have the expertise and resources to manage all payroll tasks accurately and efficiently, ensuring full compliance with HMRC regulations.
From data collection and reconciliation to report preparation and document submission, we can handle it all with precision and reliability.
Outsourcing your payroll tasks to Prime allows your internal team to focus on other critical business tasks, saving time and reducing expenses associated with hiring and training in-house payroll staff.
Prime's professional payroll team are well-versed in tax and payroll legislation, ensuring complete compliance with all HMRC requirements.
With Prime, you benefit from a wealth of knowledge and experience in payroll management, providing peace of mind and assurance in our capabilities.
Prime utilises advanced systems and software to maintain the highest level of accuracy in all payroll tasks, ensuring precision and reliability.
Find out more about our payroll services, or for more information email Martin Farrell, Prime’s Senior Payroll Manager: mfarrell@primeaccountants.co.uk.