End of year reporting

With April approaching, you need to start preparing to make your final PAYE submission for the tax year ending 5 April 2015. Here some tips to prepare final submissions.

Make sure 2013-2014 is up-to-date: HMRC are starting to prepare for 2014-2015 final payment submissions and end of tax year processing. If you haven’t yet sent us any Earlier Year Updates (EYUs) for the tax year ending 5 April 2014 and need to amend your records, please do so as soon as possible.

Bear in mind that completing the End Of Year Checklist is no longer mandatory: HMRC has published amended PAYE legislation which, amongst other things, means that it will no longer be mandatory for employers to complete the final report checklist data items 111 to 117 on their last Full Payment Submission (FPS) or Employer Payment Summary (EPS) for a tax year. This change takes effect for PAYE reports made from 6 March 2015.

Reporting benefits provided: The removal of the checklist does not affect an employer’s obligation to report on time. The deadline for submitting returns of Expenses and Benefits forms [P11D, P9D and P11D(b)] is 6 July 2015.

Your final Full Payment Submission (FPS) should be sent ‘on or before’ your last pay day of the tax year – which ends on 5 April.

Your final FPS (or Employer Payment Summary (EPS)) should indicate that it is the ‘Final submission for the tax year’ – and that means for the whole PAYE scheme. Remember that if your scheme covers more than one payroll – for example, a weekly payroll and a monthly one – only indicate on your last FPS submission that it is the final submission, when all the FPSs for the tax year for all other payrolls have been successfully submitted.

Should you have any questions about above tips or would like any further advice please call us on 02032260940.

Alternatively email us to: info@mgcontractoraccountants.co.uk

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