The length of time during which you record income and expenses for your firm is known as a tax year. Although 12 months is the most typical duration, some businesses employ a different time frame. You have a choice between two types.
HMRC Deadline for payroll Year end
- The period from January 1 to December 31 (or 31/12) is the calendar year. It is the most popular choice for businesses with UK locations.
- From April 1 to March 31 (or 31/03), is the fiscal year. Large firms frequently employ this since it corresponds with their accounting periods rather than their business cycle.
The year-end payroll process is mandatory by law. Employees are entitled to a P60 form from their company that details their pay and deductions for the previous fiscal year (from 1 April to 31 March). Additionally, they must ensure the completion of all paperwork and send VAT returns on time. If you’re not sufficiently organized, it could be challenging.
Dates for Section 1 of Tax Year 2023–24
There are several crucial dates to keep in mind for tax filings, payments, and refunds during the tax year 2023–2024, which spans from April 6, 2023, through April 5, 2024. It is crucial to make sure that tax codes and payroll software are updated appropriately as the tax year changes.
5 Steps to Stay Ahead of HMRC Deadline for Payroll Year End
Establish a checklist
Take five deep breaths if the workload and deadlines for Payroll Year End are starting to feel too much. Make a list of everything that needs to be completed and compiled for payroll year-end, along with the proper sequence. Following this, every day will help you be more prepared to face Payroll Year End head-on the following year and stay ahead of the HMRC deadline for payroll year-end. Also, make sure to update it as you acquire important lessons.
The following are some crucial dates for the tax year 2023–2024:
- Beginning on April 6, 2023, is the tax year 2023–2024.
- The deadline for paper tax returns is October 31, 2023.
- The deadline for filing tax returns online and making any outstanding tax payments is January 31, 2024.
- The deadline for filing self-assessment tax returns for people who must make payments on account is January 31, 2024.
- The tax year 2023–24 ends on April 5, 2024.
Prepare, prepare, prepare
Gather all the necessary information as soon as you can before the HMRC deadline for payroll year-end to ensure that Payroll Year End goes as smoothly as possible. All employee payroll benefits and the information required to finish. Do not include the EPS and FPS in this. If necessary, actively pursue the information since you do not want to add to the difficulty of having to make changes in the upcoming tax year.
The P11D submittal is an important part of the process that you should plan for. HMRC no longer accepts Paper P11D submissions instead, P11D submissions must be made online through software and sent to the HMRC website.
Reconcile earlier techniques
Verify the balance of your reports by comparing them to the data on the HMRC website. If they don’t, look into the reason. Before the HMRC deadline for payroll year end, double-checking that everything adds up would make things much simpler and avoid the need for an Earlier Year Update or a revised FPS submission.
Take into consideration the Apprenticeship Levy
You must submit an EPS if your company has reached the Apprenticeship Levy threshold at any time this year. It will prevent the hassle of having to make revisions in the following tax year and ensure that the correct amounts are recorded against your record. It will help you to be done before HMRC Deadline for payroll year-end.
Understand your submissions
Are you aware of whether an EPS, only an FPS, or both are required? Knowing which real-time information inputs are necessary is crucial because they can be challenging and complex. Employees paid during the last pay period require an FPS. In case of late payments or if the Apprenticeship Levy is paid, must submit both an EPS and FPS. They only require EPS, if no employees get paid during the last pay period.
Do not become anxious if you discover that you must submit your Payroll Year End again. Before the April 19 HMRC deadline for payroll year end, must report any inaccuracies in payments or deductions by submitting an additional FPS with the updated numbers. Enter “0” for “pay in this period.” By sending an extra FPS, you can correct any inaccurate payment dates by April 5th. Again, put ‘0’ for ‘pay in this period’.
Submit a second EPS form with the right figures for EPS errors that pertain to the most recent tax year. You can send a separate form with the right figures if the mistakes relate to prior tax years.
Final Note
So, if you’re ready to profit from a dependable and all-inclusive payroll management solution, contact Financial Chronicles right away. We would be pleased to talk with you about your needs and offer you a solution that fits your company’s demands.