The payroll year ends on 5th April 2021, so here is our eight-step guide to help you put your payroll in order.
Make sure all your employees’ details
are correct and up to date on your payroll software
.
Use the time
in the lead up to the Payroll Year End to check through the previously submitted pay details.You might be having many things unnoticed, such as a bonus left on the payroll for three months instead of one.
Do your last pay run that falls on or before 5th April 2021.
You should process any leavers before you do your final submission, so this information is recorded in the correct tax year.
If you run a weekly payroll then you may have to complete an extra pay run, called a week 53. This will happen if you’re due to pay employees on the tax year end date, 5th April.
As you are satisfied with all the above, you can then submit your final Full Payment Submission (FPS) 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 2021.
Now you will have completed your Payroll Year End process. This is also a good time to look at the year ahead. You need to check that all your current employees have been rolled over into the new tax year 6th April 2021 to 5th April 2022.
