With the payroll yearend upon us, we have put together some of our tips and things to look out for. This will help you check that you have taken all the steps required to ensure that your payroll submissions are correct and that you have included everything you need.

Firstly, make sure that you have processed the final pay period in your payroll software and submitted your RTI FPS to HMRC.

Did you know that there is an extra submission required for the payroll yearend? This is the EPS submission. However, before you do this we recommend that you reconcile your payroll accounts.

To do this, you will need to check that the wages account balance is at zero. You can do this by exporting the wages account to Excel format from your accounts package and working through the report to ensure that each pay period clears.

You will also need to do this with your PAYE account. Follow the steps above to export and check the account in Excel. The PAYE account may show a balance, if it does, you need to make sure that the balance showing is for month 12 only.

When you are happy that you have checked these accounts thoroughly, you are satisfied that everything has been included and your accounts balance, you can then finalise the EPS submission for the yearend.

Tip: Make sure you have included any Student Loans, Employers National Insurance allowance recoveries and any Statutory payments and Recoveries.

Once the extra submission has been finalised, and you have issued your P60’s to your employees, your yearend submission will be complete.

Tip: Remember to issue your P60’s no later than the 31st May 2018

If you need any further help or assistance with your payroll yearend, just give one of our team a call on 01202 649997 and we will be more than happy to help.

Why not check out our latest payroll yearend video on Facebook for a summary of the above by clicking here. (Link opens in new tab)