6 Steps to make your Payroll Year End easier
The Payroll year ends on the 5 April, so here is our 5 steps easy guide to put your payroll in order:
Make sure all your employee’s details are correct and up to date on your current payroll software.
Use the time to check through previously paid details to ensure you have reported staff’s salary correctly ( including bonuses, overtime pay, etc)
Last pay run
Process your pay run before 5 April and check if you are happy with employees a year to date figures.
Send your final Full Payment Submission
Once you are happy with the details then you can submit your Final Payment Submission to HMRC. This tells HMRC to lock down the figures for this tax year for each employee. If you didn’t pay anyone in the last period before 5th April, then you will need to submit an employer payment summary (EPS).
Produce your employees’ P60 forms as each member of your staff is legally entitled to this form and it needs to be with them by 31st May.
Think about outsourcing tasks which add little to no value to the core activity of your business. Two things to consider (1) are you the best person to do payroll? (2) What is the opportunity cost of your diverting your attention from the main business. Afterall you are not in business to become an accountant. We are helping businesses like yourself to outsource payroll for a small fee.