Employers – are you ready for the new tax year?

The new tax year began on April 6th and for employers running monthly payrolls, the March pay run was be the last of the 2023/24 tax year.

Some things you will need to make sure you do and when you need to do them are listed below:
• Send your final payroll report of the year to HM Revenue and Customs (HMRC). You may need to mark in your payroll software that this is the final submission for the tax year.
• Update your employee records. This may include new tax code notices. If your software automatically updates tax code notices, then check these to make sure they are accurate.
• Update your payroll software. If you use a desktop application to run your payroll then it will need updating from April 6th or whenever your software supplier tells you to do so. If you use a cloud-based solution to run your payroll it is unlikely that you will need to run an update, but you should check.
• Give your employees a P60 by May 31st at the latest.
• Report employee expenses and benefits by July 6th at the latest.

If you need any help with your end-of-year payroll procedures or would like help or advice on preparing your report of employees expenses and benefits, please get in touch with us and we will be happy to help you.