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Getting Ready for Your Payroll Year End

Essential tips for bookkeepers ...


Posted by Alison Mead on 04/03/2024 @ 8:00AM

As a bookkeeper, the end of the tax year can be a busy and overwhelming time. With the deadline for payroll year-end approaching, it is important to be well-prepared ...

To prepare for your payroll year-end, it is important to have all your records in order!

To prepare for your payroll year-end, it is important to have all your records in order!

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I thought I would highlight some essential tips to help you navigate through the intricacies of the payroll year end process and ensure a smooth and stress-free experience.

"It is crucial to understand the importance of the payroll year end!"

This marks the end of the tax year and is the time when you must submit your final payroll reports to HMRC. These reports include details of your employees' salaries, taxes, and National Insurance contributions. It is essential to submit accurate and timely reports to avoid any penalties or fines from HMRC.

To prepare for your payroll year-end, it is important to have all your records in order. This includes ensuring that your employee details, such as names, addresses, and National Insurance numbers, are up to date. You should also have accurate records of their salaries, bonuses, benefits, and any other payments made throughout the year. Having organised and accurate records will make the process much smoother and save you time in the long run.

Another crucial aspect of the payroll year-end is sending in your Full Payment Submission (FPS) and Employer Payment Summary (EPS). The FPS is a report that must be submitted to HMRC every time you pay your employees, while the EPS is a report that is submitted to claim any Employment Allowance or report any statutory payments. It is important to ensure that these reports are submitted on time and accurately to avoid any penalties.

"The payroll year-end also involves reconciling your payroll records with your accounting records!"

This is to ensure that all employee payments are correctly recorded in your accounts and that any discrepancies are identified and rectified. It is important to reconcile your records before submitting your final reports to HMRC to avoid any errors or discrepancies.

As a bookkeeper, it is important to stay up to date with any changes in legislation or regulations that may affect the payroll year-end process. This includes changes in tax rates, National Insurance contributions, and any new reporting requirements. Keeping yourself informed will help you to accurately and efficiently complete the payroll year-end process.

As a bookkeeper, you may be responsible for completing the payroll year-end for multiple businesses or clients. It is crucial to communicate with them about the process, deadlines, and any information or documents you may need from them. This will ensure that you have all the necessary information to complete the process accurately and on time!

The payroll year-end can be a stressful time for bookkeepers. However, by following these essential tips, you can be well-prepared and organised for the process. Remember to keep accurate and up-to-date records, submit reports on time, reconcile your records, stay informed about any changes, and communicate with your clients or employers.

By doing so, you can ensure a smooth and stress-free payroll year-end experience.

Until next time ...



Would you like to know more?

If anything I've written in this blog post resonates with you and you'd like to discover more about preparing for your payroll year end, it may be a great idea to give me a call on 01604 217365 and let's see how I can help you.

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About Alison Mead ...


Alison loves bookkeeping and supporting bookkeepers. She has been helping clients to be better bookkeepers in Sage 50 for over 24 years and has been Xero Accredited in accounts and payroll for a number of years too.

She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.

Alison combines her role at Silicon Bullet with her Forever Living network marketing businesses and is often to be seen at business networking meetings as she likes to keep busy.

You know what they say: if you want something done well ask a busy person!


01604 420057