Payroll Services Outsourced

Payroll Year End is a very busy time for all businesses. Do you have the capacity to run your business whilst reconciling, processing and submitting your payroll year end to HMRC? Can you do it within the strict deadlines imposed by HMRC?

As a business you are required by law to submit PAYE returns to HMRC at the end of each tax year. In can be very daunting and a time consuming process especially for new or start up businesses to reconcile and clear down year end balances, adjust employee tax codes, set parameters for the new tax year, ensure your PAYE liability is paid within the April deadline and complete /submit payroll summaries and returns by the May deadline.

Important dates to remember to ensure that you don’t incur any HMRC penalties for late submission of your returns for the tax year 2011-2012 are as follows:-

The payroll year runs from the 6^th of April 2011 through to the 5^th of April 2012 and this applies to all companies.

Your PAYE liability payments for the tax year must be reconciled and reach HMRC by the 19^th of April 2012 (cheque/cash payments) or the 22^nd of April 2012 (electronic payments).

Your payroll year end needs to be reconciled and your P11`s checked for errors, P14 End of Year Summary, P35 Employers Annual Return & P38A Employer’s Supplementary Return need to be issued and submitted electronically to HMRC by the 19^th of May 2012.

P60 End of Year Certificates should be issued and distributed to your employees by the 31^st of May 2012.

As well as incurring penalties for the late submission of returns HMRC can issue penalties for incorrect submissions. Start planning ahead now to ensure that your payroll information for the payroll year end 2011-2012 is correct. Ensure all information on your P11 is correct. Some points to note are as follows:-

Have you used the correct tax and national insurance calculations?

Have you implemented all legislation changes for the tax year? It is imperative that Statutory Sick Pay, Statutory Maternity Pay etc. are all calculated correctly.

Ensure that you have a National Insurance Number for each of your employees and that their personal details are correct (date of birth, home address etc.)

If this all sounds too daunting or you simply don’t have the time to complete and submit your payroll year end then let us do it for you.

Contact payroll@servicesoutsourced.co.uk to discover how we can help you with your Payroll Year End

We don’t need to have processed your payroll throughout the tax year (though it helps!). Contact us today and see how we can help. Online filing starts from only £25.00.