Ready for RTI end-of-year compliance?

Ready for RTI end-of-year compliance?

As an employer running payroll, you must submit the final full payment submission (FPS) to HMRC by 5th April 2017, as always, on or before the payment date of your employees.

If you are using HMRC software, you need to indicate “Yes” within the “Final submission for the year” field when you submit the last FPS for the final day before you start the new tax year 6 April 2017. Failure to this may lead to HMRC misallocating your PAYE tax and NI payments and this could be a major hassle to sort out at later date.

If you have already run your last payroll for 2016/17 and submitted the FPS without having indicated that it was the final one, you need to send an EPS report by 5 April solely for the purpose of indicating that your final report for the year has been made.

Mistakes. If you notice a mistake on an FPS, you can correct it by sending in another FPS on or before 19 April. To avoid HMRC issuing a penalty notice use the late reporting reason code “H” if the correction is to a previous submission which was sent on or before the date you paid your employees, i.e. one submitted on time.

For Post-5 April corrections. While an amended FPS can be sent up to 19 April, if you need to make corrections after that you need to use an earlier year update report

In addition you need to provide your employees with a P60 by 31 May 2017.