Employers – Are you ready for the new tax year?

The new tax year begins on 6^th April and for employers running monthly payrolls, the March pay run will be the last of the 2023/24 tax year.

There are some required actions and deadlines to be aware of:

• Send your final payroll report of the year to HMRC. You may need to mark in your payroll software that this is the final submission for the tax year.
• Update your employee records before the new tax year on 6^th April. This may include new tax code notices. If your software automatically updates tax code notices, then check these to make sure they are accurate.
• Update your payroll software. If you use a desktop application to run your payroll then it will need updating from 6^th April or whenever your software provider tells you to do so. If you use cloud based software to run your payroll then it is unlikely that you will need to run an update, but you should check. If you use a payroll provider, make sure they’ve got all the updates in place; it’s your payroll and you remain responsible for ensuring it’s accurate.
• Give your employees a P60 by 31^st May at the latest.
• Report employee expenses and benefits on a Form P11D, if appropriate, by 6^th July at the latest and make any resulting payment of Class 1A National Insurance by the 19^th July. 

If you need any help before the new tax year with your payroll procedures or would like help or advice on preparing your annual P11Ds, please get in touch. We don’t process payrolls for our clients ourselves, as we can add more value to them through other services, but we do have trusted payroll providers we can introduce you to, and are happy to help with P11Ds internally.