Successfully navigating payroll year-end, in respect of meeting your obligations and important deadlines, can be one challenge too many when you’re already busy managing other aspects of your business.
By outsourcing your payroll, you hand the administrative burden over to a team of professionals who can streamline the process, eliminate errors, ensure you are compliant, and keep you one step ahead of change.
Payroll year-end: Important dates
- 5 April – end of the 2022/23 tax year
- 6 April – beginning of the new tax year 2023/24
- 19 April – deadline for the final submission relating to 2022/23
- 31 May – employees must receive their P60s
Worth noting is that the late filing of any payroll information could attract penalties, so proactivity is advised.
Payroll year-end checklist
When it comes to payroll year-end, there are steps you can take to ensure that everything runs smoothly. It may be wise to consider the following:
- Staff information – is any information you hold about your staff, in your payroll software, up to date and correct?
- The final pay run – process your last pay run that falls on or before 5 April 2023, and check you are happy with your employees’ year-to-date figures.
- Process leavers – have you processed any leavers, before you do your final submission, so that this information is recorded in the correct tax year?
- Final submission – this allows HMRC to finalise the figures for this tax year for each employee. If you didn’t pay anyone in the last period before 5 April, then you will need to submit an employer payment summary (EPS).
- Process P60s – every employee is legally entitled to this document, by 31 May.
Bear in mind that if you run a weekly payroll – including fortnightly or four-weekly – then you may need to complete an extra pay run.
Giving yourself plenty of time to review your payroll reporting, at year-end, is essential as getting anything wrong could cause financial problems for your business and your employees.
Review payroll processes
Payroll year-end can also present you with an opportunity to review your payroll processes, to identify inefficiencies, evaluate risk and to ensure that this vital function is operating in a way that works for your business.
If you’re finding yourself facing the same payroll challenges as you were this time last year, could outsourcing be the answer, as we move into 2023/24?
Starting the conversation now could help you to ensure that your payroll headaches are no more, going forward, and that you’re able to confidently tie everything up at year-end rather than worrying about what you might have overlooked, or forgotten.
Outsourced payroll processing and support
To talk to one of our team, at GH Payscheme, about how our bespoke payroll solutions could benefit your business, contact us today.