Xero payroll is helping many get ready for payroll year end in the UK. Xero have release updates to the Xero Payroll which should ensure payroll year end tasks are met. Updates such as;
- A P11 report is now available
- P60s are available to download and you can send them as an attachment directly via email to employees
- Support is available for Scottish Tax Codes
- Automatically indicating the final year report to HMRC via RTI
Employers running payroll need to do several things, such as reporting to HMRC on the previous tax year, giving employees a P60 and then preparing for the new tax year.
Opening Balances;
If you are switching to Xero payroll from another payroll software after the start of the year, you should have entered opening balances. This will mean you claimed the correct amounts from HMRC throughout that year.
Sending your final submission notification to HMRC;
Xero can streamline final payroll reporting requirements for the year by automatically indicating on the EPS that they will be sending on the 12th April that is he final report for the 2015/2196 payroll year.
Update employee payroll records;
Before running the first pay in the new year you should make sure that you update your employee payroll records with any changes to tax codes, benefits, deductions or reimbursements. That way you avoid having any ongoing problems which may need correcting later in the future.
Employees P60
Before the 31st May employers must give there employees their P60s. Xero payroll allows you to download employee P60s and email them directly to employees as an email attachment.
For more advice or help on this call our Manchester offices to speak to a member of our team on 0800 020 9542 or email hello@JacRox.co.
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