Another year, another payroll year end – are you ready?
For payroll professionals at any stage in their career, payroll year end is a particularly stressful period. Following furlough, redundancies and COVID-19, 2020 is likely to further complicate what is already a particularly time-consuming process.
Here’s what you need to know for your payroll year end
As an employer, you must:
- Report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5th April) and give your employees a P60
- Prepare for the new tax year, which starts on 6th April
Key dates for your diary:
- Previous tax year end date: 5th April
- New tax year start date: 6th April
- Send your final payroll report of the year: On or before your employees’ payday
- Update employee payroll records: From 6th April
- Update payroll software: From 6th April
- Give your employees a P60: By 31st May
- Report employee expenses and benefits: By 6th July
Key payroll year end responsibilities for employers:
- Send your final Full Payment Submission (FPS) on or before your employees’ last payday of the tax year (which ends on 5th April).
- Update employee payroll records: For each employee working for you on 6th April, you will need to prepare a payroll record, identify the correct tax code to use in the new tax year and enter their tax code in your payroll software.
You should include in your payroll all employees you paid in the tax year and any employee who has worked for you in the current tax year (since 6th April 2020) even if they have left.
- Give your employees a P60: You must provide employees with a P60 to summarise their pay and deductions for the last tax year. You need to provide each current employee with a P60 by 31st May.
- Report expenses and benefits: You can report expenses and benefits using your IRIS payroll software.
Payroll year end support
Our training packs support you to get it right first time, every time.
Our training pack covers the how and the why of payroll year end within your IRIS payroll software. Available with On Demand or Live options, our different training pack options also cover all the new payroll legislation for the 2021/22 tax year, and your choice of 250 payslips or 100 standard P60s. From £149 + VAT.
What’s included in my training pack?
- Dedicated time with a consultant (2 hours) to help you perform reconciliation and year end procedures.
- Legislation webinar: Learn all about the updates for the 2021/22 tax year
- An in-depth product specific webinar to help you prepare and process your payroll year end
- Step-by-step guide: A guide outlining the steps you need to take to complete your payroll year end, including how to download and install your IRIS payroll software, how to perform a year-to-date reconciliation check, how to file RTI year-end return, how to start the 2021/22 tax year, how to publish your P60s and more.
- Earlier Year Update video: Making corrections to previous years’ payroll is one of the more complex payroll tasks. Our essential video will guide you through all these steps.
- Video recordings: Watch and re-watch at your own convenience
- Year End Installation guides, release notes including new functionality
- Key Payroll Legislation: quick reference guide – including important deadlines
Early Bird Price (up to 31st December)
Regular Pricing (1st Jan – 5th April)
Find out more.