Introduction: As the tax year end approaches on April 5th, employers must prepare for payroll reporting to meet their responsibilities efficiently and without stress. In this blog post, we’ll delve into the key payroll dates for 2024 and provide insights on how to navigate them effectively to ensure a smooth and hassle-free year-end process.
April 1st – National Minimum Wage Increase: The annual adjustment of the national minimum wage on April 1st is a significant event for businesses. In 2024, rates will rise across various age groups, necessitating adjustments in payroll to ensure compliance and fair compensation for all employees. Maintaining wage differentials within your team is essential for morale and retention.
6th April – Start of the New Tax Year: Utilising HMRC-recognised payroll service providers streamlines the reporting process. With The Infinity Group, monthly Full Payment Submissions (FPS) are sent directly to HMRC, ensuring compliance with PAYE obligations. Before filing the final month’s payroll (month 12), ensure all employee details are accurate, payment dates are correct, and deductions are properly recorded.
31st May – Prepare P60s for Your Employees: Following the final submission of your 2023/24 payroll report, provide all current employees with a P60 form by the May 31st deadline. These forms detail taxable salary from the previous tax year and are vital for personal tax affairs.
6th July – P11Ds: Summer brings the arrival of P11Ds, where reporting employee benefits and expenses to HMRC is required. Transparency is key; provide copies of these forms to your employees as well.
19th July & 22nd July – Class 1A National Insurance: Submitting owed Class 1A National Insurance payments, whether by cheque (July 19th) or electronically (July 22nd), is crucial for compliance.
19th October & 22nd October – PAYE Settlement Agreement: For businesses with a PAYE Settlement Agreement, settling owed taxes and Class 1B National Insurance by October 19th (cheque) or October 22nd (electronically) is necessary.
Get Ready for the 2024/25 Tax Year: After filing month 12 payroll for the current tax year, prepare for the upcoming 2024/25 tax year, which commences on April 6th. Stay organised by starting a new payroll tax year and ensuring systems and processes are in place for continued compliance and efficiency.
Conclusion: By implementing these tips, employers can navigate the year-end payroll process with confidence and ease. However, for those seeking additional support and peace of mind, consider hiring a trusted payroll service provider like The Infinity Group. With our expertise and dedicated support, we’ll ensure your payroll operations run seamlessly, allowing you to focus on growing your business. Contact us today to learn more about how we can help streamline your payroll processes and ensure compliance with HMRC regulations.