The new tax year is fast approaching and it’s important to get organised as we prepare for 2024/25.
Now is the perfect time to make sure your year-end tasks are complete so you can avoid getting any penalties from HMRC.
When Does the Tax Year End?
The 2023/24 tax year ends on 5 April 2024. You have until this date to complete your taxes before the new financial year starts the following day.
What Do I Need to Do Before the New Tax Year?
There are a number of forms for you to submit for the end of the financial year. That’s why we’ve put together this handy checklist to help you stay on top of it all.
Final FPS
Every time you pay your employees, you must submit a Full Payment Submission (FPS) to HMRC. It should include details like employee gross pay, income tax and National Insurance contributions and it will show how much your organisation owes HMRC.
Deadline: You must submit all of your FPS forms before the end of the tax year, including your final FPS on the last payday of the closing year.
Final P46 Car Return
If you have provided your employees with company cars, stopped providing company cars or provided an employee with an additional vehicle, you will need to ill out a P46 car return along with your year-end P11Ds.
Deadline: If you submit your P46 electronically, the deadline is 5 April. For those submitting paper forms, the deadline is 3 May.
Final EPS
An Employer Payment Summary (EPS) is used to report additional values that aren’t recorded on a FPS, such as reclaiming and compensation for statutory payment, Construction Industry Scheme (CIS) deductions and the apprenticeship levy.
Deadline: The deadline for submitting your final EPS is 19 April.
P60s
You must give your employees their P60s by 31 May. This includes important record-keeping information such as the employee’s gross earnings, statutory pay, NI contributions, student loan repayments and tax paid on the previous year.
Deadline: 31 May
PSA1 Form (if applicable)
If you need to notify HMRC about anything included in a PAYE Settlement Agreement (PSA), you will need to submit a PSA1 form. This allows employers to make a single annual payment for tax and NI purposes on minor expenses and benefits.
P11Ds and P11D(b)
Any taxable benefits that haven’t been recorded in a PSA should be included on a P11D. You must fill this form out on behalf of every employee before submitting them to HMRC. You should also make copies for your employees’ record-keeping.
As well as the P11Ds, you’ll also need to submit a P11D(b) to notify HMRC how much Class 1A NI is due on all the expenses and benefits you have provided for your employees.
Deadline: 6 July
Class 1A NIC Payment
For any benefits provided to your employees, you will need to make Class 1A NI Contributions. This is an employer-only contribution that you must make on any taxable benefits provided through payroll or added to your employee’s P11D.
Deadline: Payment due on 19 July if by cheque or 22 July by electronic payment.
Tax & NIC Due from PSA
Your PSA incurs a tax and Class 1B NI contribution. This is because a PSA allows you to fulfil tax obligations on behalf of your employees for certain benefits, and since paying tax for an employee is classed as a benefit itself, there’s a tax due on top of that.
Deadline: 22 October
Prepare for the New Tax Year with Ryans Expert Accounting Services
If all of these obligations seem overwhelming, worry not. At Ryans, we’re here to make the complex clear by helping you stay on top of all of these responsibilities. This way, you can focus on what you do best: growing your business.
As specialists in cloud accounting, we use government-approved software such as Xero and QuickBooks to ensure that your accounts are updated regularly and are easy to manage, no matter where your business is located in the UK
Want to stay one step ahead in the new tax year? Check out our guide to key tax dates in 2024/25