Payroll year end
Payroll year end has three parts, each of which involves several tasks:
- 1. Government Gateway credentials
Make sure that you’ve registered with the Government Gateway and that your account is active, so that you can make online submissions to HMRC.
- 2. Checking for an extra pay run
If you process weekly, 2-weekly or 4-weekly payroll on 5 April 2014, you will have an extra pay run to process at the end of the tax year. This extra pay run is commonly known as week 53.
- 3. Processing Leavers
Process the final pay run of 2013/14, submitting the FPS, as well as a monthly/quarterly EPS if necessary.
- 4. Finish payroll processing
Set a finish date for any employee who has left your employment during the tax year and whose finish date is not already set.
|When Part 1 tasks are complete, you can immediately begin processing pay in the 2014/15 tax year, which is Part 3 of payroll year end.
But make sure to complete the tasks in Part 2 of payroll year end in time for the relevant HMRC deadlines.
- 1. Reviewing P11 Values
Confirm that employee P11 pay values for the 2013/14 tax year are correct.
- 2. Final EPS of the Year
A final EPS submission is required at the end of the tax year. In this submission you answer some declaration questions and confirm your final liabilities.
The deadline for the final EPS submission is 19 April 2014.
- 3. P60 End of Year Certificates
You must provide employees with their P60s by 31 May 2014.
- 1. Updating Employee Tax Codes
When you begin the first pay run of the new tax year, Sage One Payroll prompts you to update employee tax codes.
- 2. Small employer relief
If you qualify for small employer’s relief, you must specify this when you are preparing the first P32/EPS of 2014/15.
You’ll also need to specify it for each subsequent P32/EPS.
- 3. Verify NI employment allowance eligibility
In the 2014/15 tax year, most employers are entitled to a £2,000 NI employment allowance. This offsets your employer NI contributions.
If you qualify for the allowance, you must specify this when you are preparing the first P32/EPS of 2014/15.
Payroll year end video
Click here to view the payroll year end video.
Guide to payroll year end 2013/14
The Guide to Payroll Year End 2013/14 is a single downloadable and printable document that provides complete guidance to payroll year end.