Keeping track of employees’ salaries with an effective payroll system enables a business to meet its legal obligations and manage finances in an efficient and timely manner. In order to create a robust structure, you need to keep your payroll organized and up to date to prepare yourself for the year-end rush.
In the UK, the key dates to plan for are 5th April, which is the final day of the tax year, and 6th April, which is the start of the new one. As an employer, you will need to issue a P60 to every employee who has worked in some capacity prior to 5th April. This document will summarize how much tax an employee has paid during the year. Failing to issue P60s by 31st May can result in a fine from HMRC, so it’s important to deliver them on time.
You can use cloud-based payroll software from Sage and other providers to generate and manage P60s online. This process can contribute to your broader financial reporting…
