WINNING NEW VERIFICATION LIST: This is what your business needs to do

The end of the payroll year is just around the corner.

But when is the HMRC deadline for the end of the year of the payroll, we hear you ask?

It is April 19 for its final presentation.

And for your final payment as you wins (Paye), it is April 19 if you pay by mail, and on April 22 for digital payment.

Ideally, when classifying its processes, you must deal with only a standard payroll Mes-12 or 52 of the week and 52 with some additional steps added to close the year.

But it is important to know what you need to do well.

In this article, we help you prepare and prepare for the end of the payroll.

This is what we cover:

Water end of the payroll

The key to remember is that your final reports to HMRC for fiscal year 2024/25 must be submitted no later than April 19, 2025.

Next, you must prepare for the new fiscal year and make sure to provide your employees for their P60 no later than May 31, 2025.

To help him with the end of the payroll, Here is everything you need to doComplete with key dates for your newspaper, so you can mark what is required and keep up to your payroll.

Julie Northover supplies expert advice at all times. One of the most important payroll consultants and coaches,

She is a payroll specialist in the Chartered Institute of payroll professionals (CIPP), and also directs its own payroll office for small elite clients.

Step 1: Check when your payroll ends

In some circumstances, it is possible that your payroll does not end week 52, and instead it is possible that you must complete an additional payroll. This will mean that your payroll ends week 53, or possibly week 54 or 56.

This happens if two things are true:

1. You process weekly payrolls, of two weeks or four weeks (monthly payrolls are excluded).
2. Its usual payroll date falls on April 5 in any year (or April 4 if it is a leap year: 2028, 2032, etc.).

In particular, payrolls that are executed monthly always have 12 months. That means that there is never a month 13, and you can omit this section and execute the payroll as usual.

And if your payroll runs after April 5, you can jump forward.

If the payroll falls on April 5, its payroll ends as follows depending on whether it pays weekly, two weeks or four weeks:

• Weekly payroll that falls on April 5: One week 53 payroll (April 5 to April 11)
• TWO WEEK PAYROLL THAT FALLS ON APRIL 5: One week 54 payroll (April 5 to April 18)
• Four -week payroll that falls on April 5: One week 56 of payroll (April 5 to May 2)

If you are affected by this, you must change employees to a fiscal code of week one for the additional payroll.

The majority of payroll software, such as Sage 50’s payroll, will do it automatically. If you are not sure that your software does this, you must verify.

If the status of the Tax Code is not modified to a week base, it would mean that most employees will pay too much taxes.

Once the new year of payroll begins, you must adjust the fiscal code again for the new fiscal year according to the P9X (see step 6, then).

Step 2: Verify the graduates or the new entrants

If employees have left their business during the past year, or there have been new entrants, now it is time to verify to ensure that they have processed.

This could mean talking with managers and making sure the clear lines of communication are open.

“The end of the year is a final sweep to make sure that no one has been lost,” says Julie. “It’s a time to make sure you have covered everything.

“Most people are very disciplined and if they deal with things like this at the end of each payment period, then everything should be in order.”

It is important that you do this before sending your final full payment presentation (FPS) or employer’s payment summary (EPS).

“Once you move to the new year of payroll, it is not always easy to return and fix details like this,” he adds.

Step 3: Process its final payment slot

You must complete your final payment career of the fiscal year 2024/25 before you can execute your end of the year.

Therefore, he has resolved if he has a week 53 (or 54/56), prosecuted the final payroll of the fiscal year and has made those who leave the relevant employees. You can now send your final SPF and, if necessary, EPS.

The deadline for this is April 19.

In addition, you must register your P32 to HMRC payment.

There is no difference in the FPS and EPS in the final payment period. Send them as normal, then you can continue with the payroll end of the year.

Avoid errors that require retrospective adjustments is key. The required adjustments after April 19 will imply presenting additional FPS or EPSs.

Before 2020/21, retrospective adjustments were made through an update of the previous year (EYU), but this is no longer used.

“There is a process to communicate with HMRC about anything that is not correct,” says Julie. “But it is an administrative burden to which payrolls like to avoid possible life.

“It is an unwritten rule between the payroll profession that we will do our best to avoid the need for retrospective adjustments after the completion of the fiscal year is completed.”

Step 4: Process its end of the year

Using the example of the Sage 50 payroll again (since this step may differ for another payroll software), at the end of the fiscal year, choose the fiscal year you want to complete on the end of the year screen and send your final EP to HMRC.

Keep in mind that this final presentation is different from the normal EPS presentations that it sends to HMRC, either monthly or quarterly.

Its final present presentation will include its end -of -year statements. If applicable, it will present the date on which your business stopped operating.

You can now process its end of the year and make its final shipment for fiscal year 2024/25.

Once this step is completed, you can produce your P60.

Step 5: Prepare your P60

All their employees who work on the last day of the fiscal year, on April 5, need to receive a P60 for May 31.

This includes employees considered that they are now on their payroll due to intermediary legislation (IR35).

This important document summarizes its salaries and deductions for the year, and it is perhaps the final task that must be completed the following year.

Using your payroll software, you can generate your P60 and share them safely in line with your employees, usually in the same way you share payment receipts.

There is also the option to print them if necessary.

You may be tempted to execute the creation P60 as soon as possible, but it certainly should not be done before the final inmate has been issued, plus the usual time required for employees’ comments about any error.

“You send Pylips 12 months a year, if you are running a monthly payroll,” adds Julie.

“And then, once a year, send another document, the P60, which only summarizes those 12 payment receipts.

“Then, if you have not had payment or conciliation problems with the 12 payment receipts, you should not have a problem with the P60.”

Step 6: Verify the P9X and begin your new year of payroll

“There are two processes that payroll professionals often see as one,” says Julie. “They are closing a fiscal year and opening the next.

“The New Year Verification List is larger than the New Year’s Eve verification list today.

“Then, as soon as it closes and before starting your payroll (or week) of the month (or week one), you must consult the P9X.”

The P9X is the Document published by HMRC That explains which fiscal codes employers should change or carry out on April 6.

The software suppliers support documentation also summarizes this information, so it could be another call port before the first payment of the year.

However, government websites should be considered the main source of any information.

Another work for the new year of payroll implies verifying other thresholds, such as student loans and postgraduate loans.

“They will probably be encoded in the annual updates of your software provider,” says Julie.

“But you should not sit in your laurels and assume that everything is correct. You must verify to ensure that everything is necessary.”

There are some things that the payroll team should do manually:

• If someone has deferred national insurance, their CA2700 certificates are only valid for a fiscal year, so renewed certificates are required before they can pay the new fiscal year using the deferred national insurance insurance category (NICS).
• Those who receive child care coupons should be reviewed to ensure that they do not need an amendment to the value that are eligible to receive. As part of the PAYE process, HMRC requires that a basic profit evaluation (BEA) completes before each first payment period in a new fiscal year for anyone who has received child care coupons since April 6, 2011.

Payroll year dates to know

Some of the key dates around the end of the payroll year have been highlighted above, but here they are below, along with some other payroll dates that must be taken into account.

It is worth adding them to your calendar if you have not had them there:

April 5

• Fiscal year 2024/25 ends on this date.

Before April 6

• Update your employee’s payroll records.
• It is time to update your payroll software.

April 6

• The new fiscal year begins (2025/26).

April 19

• This is the deadline for the final presentation of fiscal year 2024/25.

April 22

• This is the deadline for month 12 Paye and sending online payments.

Before May 31

• Your employees must receive your P60 for this date.

Before July 6

• You must inform about expenses and benefits; You can use your payroll software to do this.

July 6

• This is the deadline for sending its P11d and P11d forms (b).

July 22

• On this date, the payment of the contributions of the National Class Insurance 1 in benefits in kind must be with HMRC (keep in mind that July 19 is the deadline if it does not use digital systems).

Final thoughts on the end of the payroll

See? The end of the payroll does not need to be stressful.

With a little planning forward, you can do your processing easily before establishing preparations for the new fiscal year.

Editor’s note: This publication was originally published in March 2018 and has been updated by relevance.