At Kingston Burrows, we specialise in expert payroll services, helping businesses remain compliant with HMRC regulations while streamlining payroll processes. Our experienced team reduces your administrative burden and minimises the risk of costly errors, so you can focus on growing your business.
As the current tax year comes to an end, it’s vital to ensure your payroll is up to date. Proper preparation will help you avoid compliance issues and enable a seamless transition into the new financial year. From updating employee records to submitting final returns, these essential tasks should be on every employer’s radar.
Your Complete Year-End Payroll Checklist:
1. Confirm Employer and Employee Details
Ensure all employer information is accurate and aligns with HMRC records. Double-check employees’ personal details and remove any former employees who are no longer on your payroll.
2. Reconcile PAYE Liability
Verify that your PAYE liability for the tax year is accurate, fully paid, and matches HMRC records. Address any discrepancies promptly to avoid penalties.
3. Verify Final Payroll Tax Codes
Check that the tax codes used in your final payroll match HMRC’s latest records. Incorrect tax codes can lead to miscalculations and compliance issues.
4. Review Directors’ National Insurance Contributions
Ensure Directors’ National Insurance contributions are calculated correctly, whether using the cumulative or alternative method. Miscalculations can lead to unexpected liabilities.
5. Submit Final RTI and EPS Returns
- Submit your final Real-Time Information (RTI) return to HMRC before 5 April 2025.
- Send your Employer Payment Summary (EPS) to HMRC by 19 April 2025, ensuring all figures are accurate and balanced.
6. Distribute P60s to Employees
Employers must provide employees with their P60s no later than 31 May 2025. These documents are essential for employees’ personal tax records and filing.
7. Prepare for the New Tax Year
- Update payroll systems with the latest National Minimum Wage (NMW) rates.
- Apply new tax codes issued by HMRC for the upcoming financial year.
- Ensure your payroll software reflects the latest National Insurance rates and thresholds to stay compliant.
Need Help Managing Payroll?
Managing year-end payroll tasks can be time-consuming and stressful. Errors can lead to penalties and compliance issues. At Kingston Burrows, we offer tailored payroll services to ensure accuracy, compliance, and a smooth transition into the new tax year.
Contact our team today to streamline your payroll process and keep your business on track!
By tackling these key payroll tasks in advance, you’ll set your business up for a stress-free start to the new financial year while staying fully compliant with HMRC regulations.
