Now the self assessment deadline has passed, here in the GreenStones office our attention has moved towards the end of the current tax year with the challenges that brings. This year will be the first year end for payroll reporting under Real Time Information (RTI) the traditional form P35 and P14s have gone.
Under RTI when you complete your final payroll in the year you will be required to tick a box confirming it is your final submission for the year and then proceed to answer the end of year questions. These questions are similar to the declaration questions previously asked on the P35.
There are new deadlines in place as well this year. The P35 always had a deadline of 19 May following the tax year end. Now the final Full Payment Submission (FPS) has to be submitted on or before the last pay date and the final Employer Payment Summary (EPS) has to be submitted on or before 19 April 2014. H M Revenue and Customs have said there will be penalties issued for any FPS or EPS returns submitted after 19 April 2014.
The final part of the year end process is to ensure every employee still employed at 5 April 2014 receives a P60 for the year by 30 May 2014, this remains unchanged from the old reporting system.
If you need help with your payroll to ensure you are compliant with the new rules and timings, please give us a call on 01733 371180.