As the new financial year approaches, it is important to get ready for the last payroll run and make sure you are up to date with employee administration.
This includes making sure all leavers have been processed on the payroll.
Please check your latest copy of your Milsted Langdon timesheet to see who we have on record and inform us of any amendments.
Payroll End of Year
Your final End of Year report for the 2022/23 tax year must be submitted to HMRC by no later than 19 April 2023.
As you are using our payroll service, the payroll team will be filing your End of Year submission on your behalf
The form P60 for your employees must be distributed to all employees on or before 31 May 2023.
If your employees receive their payslips via the Sage Online Portal this is how they will also receive their form P60.
What is a P60?
We are regularly asked why a form P60 is issued after the end of the tax year. The answer is:
The P60 shows the total taxable pay and the amount of tax that the employee has been paid on their salary in the tax year (6 April to 5 April).
An employee will only receive a form P60 if they are working for you on 5 April 2023. This form P60 must be delivered to them by 31 May, either on paper or electronically.
Employees need a P60 to prove how much tax they’ve paid on their salary, for example:
- to claim back overpaid tax
- to apply for tax credits
- as proof of income if they apply for a loan or a mortgage
Need assistance with your P60 process or any other payroll functions? Please speak to us.