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Five tips for completing your 2014-15 payroll

2015
12
APR

Have you completed your payroll process for 2014-15?  If not here are our five tips:

Payroll Year End

1.  If you did not identify on your last FPS that this was your final submission for the year you will need to submit an EPS (Employment Payment Summary) before 19th April 2015.  If you do not do this you may receive a penalty.

2. Prepare a new payroll record for each employee still employed by you.  If you use payroll software the software will remove leavers when you create a new file for next year.

3. Ensure your employees' tax codes are on the new standard code for 2015-16 (1060L) or have increased by 60 from their previous tax code.  If you have received P6 tax code notices from HMRC you should use the new tax code for the employee.  Compare the new tax code with their previous tax code to identify any major difference and discuss with the employee if the tax code appears incorrect.  (We have received several tax codes for employees for 2015-16 which are incorrect and where the employee has not been sent the same tax code that we have.)

4. Ensure your payroll software is up to date for the new financial year.

5. Provide all employees who were working for you at the end of the tax year with a P60 by 31 May 2015.  Employees who left during the year do not receive one as they will receive one showing their total earnings for the year from their current employer.

 Throughout the year you should ensure that:

  • Your employee is earning the minimum wage or above
  • You have recorded your employee's working hours within the correct banding as required by HMRC (If your employee has increased or reduced their working hours you may have to change them to a different band.)
  • You record any change to your employee's details - such as name or address.
Related Tags:  Payroll | 
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Old Sarum, Salisbury
Salisbury
Wiltshire
SP4 6QX

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