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Whether youre a seasoned payroll manager or doing it for the first time, payroll year-end can be tricky. Make sure you have the right, complete information so you dont need to make adjustments after submitting. Now, more than any other time in the year, is the time to know exactly who is on the payroll.
Xero will submit an Employer Payment Summary (EPS) to HMRC once your final pay run is complete. With another tax year almost wrapped up, are you ready to tackle year-end payroll? We know it can be a bit painful, so weve prepared some tips to make the process as smooth as possible. Provide employees their annual tax summary (P60s).
In short, a P11Dform allows you to inform HMRC of any benefits you’ve given to employees outside of payroll, so that the correct tax can be paid by your employees. In this blog we take a deeper dive into P11Ds, when they might arise, and what you need to do as a result. Why do you have a P11D?
The Payrolling Benefits in Kind scheme was set up by the UK Government in 2016 and this refers to the practice of processing employees benefits through the payroll rather than on a P11d. The purpose of this scheme was to make declaring and paying tax on benefits easier, compared to the previous method of submitting P11Dforms.
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