Year end

Payroll year end closes the current tax year and gets payroll ready for the new one. This includes issuing P45s, doing a final reconciliation, checking directors' National Insurance A system of contributions paid by workers and employers in the UK, which funds various state benefits, such as the State Pension and Jobseeker's Allowance. calculations, and starting the year end process to create P60s.

Weekly, 2-weekly, and 4-weekly payrolls may also need an extra pay period to finish the tax year. Monthly payrolls never need this.

Other tasks include making corrections to a previous tax year, producing P11D P11D is used by employers to report end-of-year expenses and benefits for employees who earned more than £8,500. Employees who receive Benefits in Kind (BiK) are entitled to an end of year report that outlines their benefits and expenses in the tax year. working sheets, and producing duplicate P60s.

Go to Payroll year end process to work through the year end steps.