As payroll teams continue to manage new furlough changes and deadlines, there are many critical dates for regular payroll reporting that must be met each year. As of 1 September, the government will pay employees 70% of their wages, so employers must pay employees the remaining 10% up to a cap of £2,500 per month. Beginning 1 October, the amount paid by the government is reduced again to 60%, so employers must make up the difference to pay furloughed employees 80% of their wages. This is in addition to the National Insurance and Pension contributions.
Staying ahead of payroll dates and critical filing deadlines is the key to ensuring compliant payroll. As payroll teams report to HMRC in real-time every pay period, it is vital to ensure you are not at risk. Here are some other key dates to consider each year:
- End of Year On the last pay period of tax year, a Final full payment submission (FPS) on or before 5th April
- Employer Payment Summary (EPS) Reporting: Due on or before 19th April for companies that did not submit their final FPS for their end of year reporting or have statutory recovery, CIS or Apprenticeship levy to be reported
- P60s – An Employer by law must give the employees their P60 by 31st May
- Benefits in Kind (BIK) Reporting: An employer must register Online with HMRC by 5th April, if the company wants to payroll any benefits in real time for the incoming tax year
- P11D Reporting: Due to HMRC by 6th July each year and includes any additional BIK a company provides to an employee that is not captured through payroll e.g. health insurance, company car, preferential staff loan, business travel mileage. Depending on the type of benefit, you may need to report to HMRC. Employers then have until 19th July to pay their Class 1A NI contribution to HMRC
These are just a few critical dates for End of Year reporting to HMRC. If your payroll team needs help simplifying employee payroll and end of year reporting, we can help. Payescape provides easy-to-use cloud-based payroll technology with customised reporting so you can manage daily operations and year-end reporting quickly and securely.
