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Year-end guide for QuickBooks Online Advanced Payroll and Bureau Payroll

SOLVEDby QuickBooks71Updated February 29, 2024

The end of the tax year is approaching fast, and with it comes the need to get your payroll in order. Whether you're new to QuickBooks Advanced Payroll or a seasoned pro, this guide will help you get everything sorted so you can hit the ground running in the new year.

This article will cover:

  1. How to complete payroll year end (video)
  2. Check if your payroll date ends on week 52 or 53
  3. Process employee leavers
  4. Run final payroll
  5. Send final FPS to HMRC
  6. Give employee payslips
  7. Give employee P60 forms
  8. Carry forward benefits in kind to the new tax year

Important to know

Before you wrap up this year's payroll and prepare for the next, there are a few things you should keep in mind:

  • Make sure that the new tax changes are updated in QuickBooks before you run payroll for the new tax year.
  • Check if you're eligible for Employment Allowance (EA). It can lower your employer National Insurance contributions (NICs) by up to £5,000 per year. If you think you qualify, make sure to let HMRC know so you can claim the allowance in the upcoming tax year.
  • To use payrolling benefits, register on the HMRC website before 5 April.

Payroll tax changes

Keep up with the latest payroll tax changes here.

Payroll dates and deadlines

5 April 2024Last day of the tax year 2023/24.
6 April 2024 First day of the new tax year 2024/25.
19 April 2024Submit your final Full Payment Summary (FPS) and Employer Payment Summary (EPS) of the tax year 2023/24.
31 May 2024Give a P60 to all employees on your payroll who are still working for you on the last day of the tax year 2023/24.
6 July 2024Last day to report all employee expenses and benefits. Submit your P11D forms to HMRC for the tax year 2023/24.

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1. How to complete payroll year end

Watch this video on wrapping up this year’s payroll and preparing for the next. For detailed steps and more helpful articles, keep reading!

2. Check if your payroll date ends on week 52 or 53

If you process your employees' pay monthly, you won't need to worry about whether your payroll ends on week 52 or 53. However, if the final pay date falls on 5 April, then your payroll will end on week 53.

Here's everything you need to know about running payroll week 53 in this article.

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3. Process employee leavers

When an employee leaves your company, it's important to correctly process their departure in QuickBooks. Doing this will help keep the accuracy and completeness of your FPS and year-end submission

To process a leaver correctly, mark the employee's last working day in QuickBooks by terminating the employee in the system.

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4. Run your final payroll

It's time to run your final payroll of the tax year! QuickBooks will let you know when it's time to do this. If this is your first time running payroll, follow the steps in this article so that you can get it done.

If you decide to submit your FPS at a later time, make sure you send it to HMRC no later than 19 April.

Edit or delete a pay run

If you've ever made a mistake while running payroll, like entering the wrong amount or making an incorrect deduction, don't worry. The good news is that you can make changes to a pay run and start over if you need to.

If you need to delete a pay run, remember to reset your Employment Allowance based to your eligibility for the tax year.

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5. Submit your final FPS to HMRC

Next thing to do is send an FPS to HMRC. This is important because it helps calculate your business's PAYE and NIC liability for the tax year.

Once you've submitted the FPS, you'll have to wait for a confirmation email before you can be sure that your submission has been successfully accepted by HMRC. While you're waiting, you check all of your recent submissions in QuickBooks. And if necessary, submit your final EPS too.

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6. Give employees their payslips

As an employer, it is your duty to provide payslips to your employees. Each payroll run generates a payslip for every employee, which must be given to them on or before their pay date.

Payslips contain important details such as earnings before and after deductions, taxes and other contributions.

Here are two ways for distributing payslips to your employees:

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7. Give employees their P60 forms

Finally, make sure to create and provide your employees with their P60 forms by May 31, right after you wrap up your final payroll.

A P60 form summarises an employee's pay and deductions for the entire year, and is only generated for employees who are still in your employment at the end of the tax year.

And that's it! You've successfully completed your final payroll for this tax year.

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8. Carry forward benefits in kind to the new tax year

As the tax year comes to close, it's important to properly handle your payroll benefits. This includes any benefits you have paid or reported using the P11D form.

If you have any benefits that need to be carried over to the next tax year, don't worry. QuickBooks has a year-end option in the benefits section that will walk your through the steps.

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Need more help?

Need help with year-end tasks? Sign in to QuickBooks and start a discussion with an expert in our community.

For more articles, check out the Advanced Payroll hub page.

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