The tax year ends 5 April 2021, and this is the date that triggers a raft of payroll compliance activity. Here’s a quick summary of what needs to be done:
- Although there are only 52 weeks in a calendar year, occasionally, the tax year for payroll purposes extends to 53 weeks. 2020-21 is such a year. If you run a payroll, the last week for 2020-21 is week ending 5 April 2021 (week 53). Note: if you only have monthly paid staff no week 53 will apply and you can process your payroll as normal.
- You will need to process any leavers during 2020-21 before you submit your Full Payment Submission (FBS) and Employer Payment Summary (EPS).
- Once processing for April 2021 is completed you can use your payroll software to process year end reports – this needs to be done on or before 19 April 2021.
Payroll chores listed in date order that will need to be completed, including reporting deadlines, are:
- 31 May 2021 – distribute P60s to staff for 2020-21
- 6 July 2021 – if you provide any taxable benefits to staff this is the deadline to submit forms P11D and P11D(b) to HMRC.
- 19 July 2021 – this is that date to pay any Class 1A NIC to HMRC based on reported benefits in kind provided for 2020-21.
And if we look after your payroll, all of these matters will be attended to in consultation with you to ensure returns are sent in on time.
Not happy with your current payroll solution? Call MJB Avanti to discuss your payroll requirements (08000) 388 799