Payroll Year End 2019/2020

The tax year end will soon be upon us and you will need to prepare for your payroll year end. Once you have submitted your final full payment submission (FPS) and employer payment summary (EPS) for the year, the deadline for which is the 5 April 2020, you will need to ensure that you are using the most up to date version of your software. You should then run your ‘payroll year end’ on your payroll software, this will trigger the population of P60’s for each of your employees employed at the year end. You must ensure that each employee is sent a copy of their individual P60 prior to the 31 May 2020. Before proceeding with the first payroll run of the new tax year you must also ensure that you have updated all your employees tax codes for the new tax bands.

Written by Alice Gay ACCA ACIPP

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