Your guide to UK 2019/20 Tax Year End reporting
As we get prepped for Tax Year-End, KeyPay is making the experience that little bit more enjoyable by providing tips and guidance on preparing for the new Tax Year, and how to easily process Tax Year End reporting within KeyPay.
Tax Year End reporting made easy
As part of the year-end reporting process, there are two things you need to ensure so you’re all set come the new tax year:
- Send your final payroll report for the tax year
- Give your employees a P60
Send your final payroll report
When you’ve finished processing all your pay runs for the year, you need to notify the HMRC. This is to let the HMRC know not to expect any more submissions for the year. Lucky for you KeyPay is able to handle this process automatically. The checkbox ‘This is the final pay run for the tax year’ will be automatically ticked, so you’re all set! For more details on how to send your final payroll report for the tax year, check out the support guide.
Remember, the deadline for the final submission is Sunday, April 19, so make sure you don't miss it!
Send your P60s
After your final payroll submission, you can send off all your P60s (more information on P60s can be found here). This is only needed for employees who will be active on April 5; employees who left before this will have received a P45 instead. The deadline for P60s to be issued is May 31 2020 - which falls on a Sunday - so it’s best to get them in ahead of time so you're not scrambling on the weekend.
Changes to expect in the 2020/21 Tax Year
Now that you’re set for Tax Year-End, here are some of the key changes to expect come April 6:
- National insurance: thresholds have increased, with the primary and secondary thresholds now no longer aligned. Percentage rates have remained the same.
- National Minimum Wage rates have been increased from April 1st, 25 + rate £8.72
- Statutory Sick Pay has increased to £95.85.
- Statutory leave payments have increased to £151.20
There’s no need to worry about manually updating; any changes will be updated automatically in KeyPay.
Still have questions?
You can find more information by reading our 2019/20 Tax Year End support guide which provides more details on what you need to know when finalising your payroll come April 5. You can also read our Tax Year End checklist which answers commonly asked questions and provides all the key dates you need to be aware of for Tax Year End.
We hope this guide helps make the upcoming UK Tax Year End reporting as easy as possible. If you have any other questions you can always reach us at firstname.lastname@example.org.