With year end just around the corner it is important to know where you stand in relation to payroll. As you know the financial year runs from 6th April – 5th April. A payroll month is usually the beginning to the end of the whole month whilst a tax month runs from 6th of the current month to the 5th of the following month. Therefore, your final pay run of the financial year will be up to period ending 31st March 2025 (month 12) which is tax month ending 5th April 2025.
Every month I send a submission to HMRC for the tax month separately.
Once I have processed your council’s March payroll and sent a full payment submission (FPS) to HMRC, I will then send an Employer Payment Summary (EPS) with a final submission indicator which lets HMRC know this is your last submission of the financial year and alas they can use all the information we have provided them with up to this point as your year end totals for payroll.
After these submissions, I will issue the council with all your employee’s P60s. If you joined us during the financial year your P60 may not be accurate if you did not provide me with your year-to-date figures. If you have these please send them to me so I can update your file and ensure your P60 is correct.
You will therefore receive your P60 earlier than 5th April, as these will be issued with your final payroll of the year.
If you require a year-to-date summary report for audit, please contact me and I can create one for month 1 to 12 inclusive.
If you have any employee expenses or benefits to report, you must report this via a P11d submission by 6th July. Expenses or benefits included in your monthly payroll will have already been subjected to tax and national insurance and therefore do not need to be declared.
If you use HMRC basic tools, more details on how you process year end can be found here.