The 5th April is the end of the tax year and so it is time to think about your Payroll year end.
Payroll year end can bring people out in cold sweats and fill them with fear and dread, but that need not be the case.
All you need is:
- A professional and fully supported Payroll system like Sage 50Cloud Payroll: http://www.sage.co.uk
- A step-by-step process to follow that guides you from start to finish
- A reliable and professional accounting partner with the knowledge, skills and experience of all things payroll related. Do You Have a Pain Free Payroll?
Summary
In summary the payroll year end process in Sage 50Cloud payroll is a simple 4 step process outlined as follows:
- Download and install the software update
- Prepare for payroll year end 2021/22
- Process the payroll year end 2021/22
- Get ready for the new tax year 2022/23
Details
In a bit more detail you need to:
- Backup your payroll data
- Update your software to the latest version. You can check this via the Help and About menu and via the Sage payroll support webpages.
- Process your final pay period for the 2021/22 tax year, checking if you have a week 53
- Commence processing the year end via the Payroll Year End process map within the software
- Produce your P60s, backup your data, complete the year end, and distribute year end returns
- Update your employee tax codes where applicable
- Check if yo are eligible for Small Employers’ Relief
- Check if you are eligible for Employment Allowance
- Commence your payroll for the new tax year 2022/23
Payroll Year End Support
There are plenty of support guides and videos to assist you on the Sage website, and of course we can help you if needed.
Pain Free Payroll
Payroll should not be an energy sapping, time consuming, headache inducing problematic process. If your payroll is a pain point, then get in touch, we are here to help www.abkuk.com/contact