Please be informed that from 25th March 2024 you will be able to complete your annual Final Submission of the Tax Year ( FSY ) and move your account to the new tax year starting on 6th April 2024. It is imperative to complete your FSY submission by April 19th, 2024, to avoid incurring any late filing penalties.
Good News. Our system will facilitate the automatic update of all your employee tax codes for the upcoming tax year, alleviating the need for manual adjustments. However, we encourage you to diligently review any updates for accuracy.
Key Dates to Remember:
Availability for the Start of New Tax Year Process: 25th March 2024
( the date you can start filing your Final Submission of the Tax Year ( FSY ) to HMRC )
Deadline for Final Submission of the Tax Year ( FSY): 19th April 2024
( the date penalty will apply if you failed to complete FSY )
A. Steps to follow for starting the new tax 2024-25
How to start new tax year? ( Click here to view Demo )
Start New Tax Year means wrapping up (closing) the current tax year data and moving on to start processing the pay for the new tax year beginning from 6th April. However the option to start the new tax year in our service is available only after 25th March of the Tax year.
Final Submission of the Tax Year ( Click here to view Demo )
You are required by law to do a FINAL SUBMISSION FOR THE TAX YEAR (FSY), similar to EOY, before you start the RTI for the New Tax Year..
We enable you to do this by submitting a Final Employer Payment Summary (Final EPS).
FSY via EPS (Final EPS)
Final EPS submissions should be submitted to HMRC by 19th April. HMRC will still accept a Final EPS after the 19th but you may incur late filing penalties.
Click here for more details on submitting the Final Submission of the Tax Year to HMRC.
FPS (Last FPS)
Last FPS should be submitted to HMRC on or before your last pay date of the tax year which is 5th of April. You will not be allowed to submit the last FPS if the payment date you enter doesn't fall within the tax year. In case of any corrections, you need to report those using a YTD FPS (Year to Date FPS).
How and where to print or email P60 ? ( Click here to view Demo )
Go to Reports in the Tasking Zone, then further select Payslip, Payroll and PAYE - View Print. Then select P60 and the tax year and then the employees as appropriate for whom you would like to print or email P60.
B. Information for the New tax regime, NIC Rates and BIK etc.,
1. Your employees' new tax codes have been automatically updated. ( Read More )
2. They are new Contribution Rates for tax year 2024-25 for the items below ( Read More )
2.1. PAYE tax and Class National Insurance contributions
2.2. Tax thresholds, rates and codes
2.3. Class 1 National Insurance thresholds
2.4. Class 1 National Insurance rates
2.5. Class 1A National Insurance: expenses and benefits
2.6. Class 1A National Insurance: termination awards and sporting testimonial payments
2.7. Class 1B National Insurance: PAYE Settlement Agreements (PSAs)
2.8. National Minimum Wage
2.9. Statutory Maternity, Paternity, Adoption, Shared Parental and Parental Bereavement Pay
2.10. Statutory Sick Pay (SSP)
2.11. Student loan and postgraduate loan recovery
2.12. Company cars: advisory fuel rates
2.13. Employee vehicles: mileage allowance payments
2.14. Employment Allowance
2.15. Apprenticeship Levy
Click here for more information on Tax Year 2024 - 25 Changes
Thank you for your attention,
Regards
Support Team