Posted on 1st May 2019

As an employer, you are required to report to HM Revenue and Customs about the previous tax year (which ended on 5 April) and give your employees a P60.

You also need to make sure you are properly prepared for each new tax year, which starts on 6 April.

Your final Full Payment Submission (FPS) can be sent to HMRC before 20 April. If you’re late in submitting your final report, from 20 April you can send an FPS to correct your 2018-19 tax year payroll data by giving year-to-date figures. However, you may be charged a penalty for late filing.

An Employment Payment Summary (EPS) should be sent in addition to an FPS if the following conditions apply:

  • You reclaim statutory maternity, paternity, adoption or shared parental payments – even if you got an advance payment from HMRC to cover them
  • You claim the Employment Allowance – only do this once
  • You can reclaim Construction Industry Scheme (CIS) deductions as a limited company
  • You claim National Insurance contributions holiday for previous tax years
  • You pay the Apprenticeship Levy if you, or employers you’re connected to, have an annual pay bill of more than £3 million.

You should send your final report in an EPS instead of an FPS if any of the following apply:

  • You forgot to put ‘yes’ in the ‘Final submission for year’ field in your last FPS

  • You didn’t pay anyone in the final pay period of the tax year

  • You sent your final FPS early and you didn’t pay anyone for one or more full tax months in the last tax year.

P60s summarise your employees’ total pay and deductions for the tax year. You must give your employees a P60 by 31 May.

You also need to update your employee payroll records for everyone working for you on 6 April and identify the correct tax code for the new tax year.

These are management duties that you have as an employer. If this seems overwhelming or confusing, don’t worry – JNR Accounting can help bring your obligations to HMRC up-to-date and ensure they are met in the future. Contact us and avoid any further penalties!

Get in touch with us today to find out how we can support your business to grow and thrive.

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