The reason you are receiving this article is that the above are in the process of being dealt with.
This process requires:
reporting to HM Revenue and Customs (HMRC) on the previous tax year (which ended on 5 April).
giving all employees a P60.
preparing for the new tax year, starting 6 April.
Documents Included
You will be sent the following:
Annual payroll summaries/P11 cards.
End of Year EPS (Employer’s Payment Summary) Acknowledgement.
Annual P60 for retention or distribution to the relevant employee(s) before 31 May.
If you are a director, then a copy of the P60 will be placed in your personal Telegram group for completion of your Self-Assessment Tax Return (SATR).
What is the Process?
The End of Year process is a consolidation of the total number of employees, salaries and liabilities calculated for the payroll tax year and is done after the last pay run (month 12).
It is the final process of the payroll for that year.
This process must be prepared, reviewed, documents generated and electronically submitted to HM Revenue & Customs (HMRC) by 19 April of each year.
There are several steps that need to be taken to fulfil this annual requirement:
Avar ensures no other adjustments are to be calculated.
Avar checks that month 1 to 12 have been finalised and submitted to HMRC via Real-Time.
Avar backs up each dataset before commencing the End of Year process.
Avar checks and generates each employee’s P11 card.
This is done for every employee employed in the tax year.
Once checked, this is then submitted to HMRC electronically via our agent Gateway.
The data submitted is called an Employer Payment Summary (EPS).
The submission Acknowledgement is then saved and converted to PDF.
This is evidence of the submission before 19 April deadline and can be used in the event of any queries by HMRC.
The next step is to prepare Forms P60 for each active employee.
The data is then backed up before completing the Year End.
All documents generated are then passed onto each Employer to deal with as instructed.
