As we get closer to the new tax year the HMRC bulletins become a vital resource to understand the changes that are coming and to ensure they are implemented in time.
End of year reporting.
This issue covers the end of year reporting process and the deadlines. It’s vital the last FPS or EPS of the tax year includes the indicator that you are making the final submission for the tax year. You have until the 19th April to file this and it will be dependent on the software and point in time whether an FPS or EPS is used.
Employees also need to be provided with their P60s by the 31st May. At Alderley Payroll Services we provide a year end file pack which contains various documents and statements along with the P60s which are very useful to pass onto your accountant.
Employer payment booklets
HMRC will no longer provide PAYE payment booklets from the 2024-25 tax year. Employers who previously used these booklets will now need to make the payment either via cheque or online payment.
Scottish Income Tax – 2024-25
HMRC have provided a link in the bulletin to the new Scottish Income Tax rates for 2024-25, which you can find here.
As well as the areas discussed above the February issue also addresses many other topics such as the changes to the National Insurance rates from January 2024, reporting expenses and benefits termination payments.