The tax year in the United Kingdom ends on the 5th of April and there are a number of important payroll tasks for every business to finish at this time. Of these tasks, many have considerable tax and legal implications for the businesses themselves and for the workers they employ. From this, it follows that the end of the tax year is an extremely busy time for payroll staff.
Common issues at the end of the tax year
The issue which has the most significance for employees is tax reconciliation. This is the general name for a set of processes which determine if a given employee is entitled to any form of tax rebate.
For example, if an employee has changed jobs over the course of the year, or was unemployed before starting work, there can be PAYE discrepancies which need to be addressed at the end of the tax year.
P11 and P11d forms
An important task for businesses at the end of the tax year is distribution of P11 and P11d forms to all employees. The P11 form tracks all PAYE deductions made over the year and should be issued to workers who are likely to be entitled to some form of tax rebate.
Another form, the P11d, needs to be completed by payroll staff for every director and any employee who earns over £8500 a year. The P11d contains information on any benefits or expense payments made to workers which are not put through the usual payroll. Evidently, this form is important for legal reasons. It acts as a safeguard protecting businesses from error and suspicious activity which may have occurred over the course of the tax year.
Portfolio Payroll – filling quality jobs with quality candidates
One solution to these issues is to hire temporary payroll accounting staff who are experts in the tasks which come up at this busy time. For example, these temporary workers could be reconciliations or returns specialists.
Around the end of the tax year there are many opportunities to provide temporary contracts for professional work. This is great news for individuals who prefer to work on a contract basis, or who look for flexibility in their work. And by taking some of the load from your permanent staff, you can ensure a smooth transition from one end of the tax year to the next.
Whether you are looking for temporary employment or permanent payroll jobs in London and across the rest of the United Kingdom, Portfolio Payroll can help. Call 020 7247 2882 to speak to an advisor about temporary recruitment, or 020 7247 9455 for information on permanent vacancies. You can also speak to us through firstname.lastname@example.org.