UK Payroll year end 2016/17 is on 5th April, so now is a good time to start getting ready. Follow the five-step guide below or register for a free webinar to prepare and avoid any possible mistakes.
Before your final pay run:
1. Check opening balances are correct
2. Check settings and reconcile payroll
On your final pay run:
3. Process your final pay run
Process final pay runs for all pay calendars, even nil pay runs. Xero will send an EPS (Employer Payment Summary) by the 12 April, and automatically inform HMRC that it’s your final submission of the year.
4. Generate P60s & P11 reports
Only when you’ve taken the steps outlined above, generate your P60s & P11 reports by following these instructions.
5. Set your tax codes, employment allowance & directorship settings for the new tax year
We’ve automatically uplifted employee tax codes ending in L, M, and N for 2017/18. All other codes were carried over from last year and you can manually update them if needed.
Find out how to check your codes are correct, update your employment allowance & check your directorship calculations here.