Planning for the tax year ahead? Here are all the key payroll dates you need to know and any changes you should be aware of.
1 April 2024 – National Minimum Wage Increase
Kicking off just before the start of the new tax year is the increase to the national living wage (and minimum wage for those under 21). The new rates are as follows:
| Wage | Current Minimum | From 1 April 2024 | Difference |
| National Living Wage (21+) | £10.42 | £11.44 | £1.02 |
| Minimum Wage (18-20) | £7.49 | £8.60 | £1.11 |
| Minimum Wage (16-17) | £5.28 | £6.40 | £1.12 |
| Apprenticeship wage | £5.28 | £6.40 | £1.12 |
One thing to note is that there is no increase for the current 21-22 age bracket as this has been merged with the over 23 bracket to create a new over 21 bracket.
With minimum wage increasing, you need to make sure that all your employees are being paid correctly from April onwards.
6 April – The New Tax Year Starts (2024/25)
While there won’t be fireworks, this is the time many small business owners get together with their accountants to make sure all paperwork has been completed and to discuss plans for the tax year ahead.
19 April – Employment Payment Summary Deadline
You will need to send an Employer Payment Summary (EPS) if you:
- Reclaim statutory maternity, paternity, adoption, parental bereavement, or shared parental payments
- Claim Employment Allowance
- Reclaim Construction Industry Scheme deduction
- Pay the apprenticeship levy and have an annual bill of more than £3 million
31 May – Deadline for Giving Employees P60 Forms
31 May is the deadline for giving employees a P60 form, which shows them how much taxable salary they were paid in the previous year.
6 July – P11Ds Deadline
Submitting your P11D form involves declaring the benefits and expenses you have provided for your employees. You must also provide your employees with a copy of the form.
By 6 July, you must also submit a P11D(b) form to HMRC, declaring the total Class 1A NICs you owe on expenses provided for the year.
19 July – Class 1A National Insurance – Cheque Payment
If your accountant is old school and prefers to pay via cheque, you must submit any Class 1A National Insurance owed on expenses or benefits from the previous tax year to HMRC by 19 July.
22 July – Class 1A National Insurance – Electronic Payment
If your accountant is living in the 21st century with the rest of us and prefers electronic payments, you must submit any class 1A National Insurance owed on expenses or benefits from the previous tax year to HMRC by 22 July – a whole three days later!
19 October – PAYE Settlement Agreement Payment Deadline – Via Cheque
If your business has a PAYE Settlement Agreement in place, you must pay all tax and Class 1B National Insurance you owe by 19 October if you’re paying by cheque.
22 October – PAYE Settlement Agreement Payment Deadline – Via Electronic Payment
If your business has a PAYE Settlement Agreement in place, you must pay all tax and Class 1B National Insurance you owe by 19 October if you’re paying electronically.
Payroll with Ryans
Administering your payroll can be time consuming and burdensome, forcing you to divert energy and resources from the core activities of your business. Stay on top of payroll deadlines with Ryans.
We have a dedicated team of trained staff who can relieve you of this burden by providing a comprehensive and confidential payroll service, including:
- Customised payslips
- Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
- Completion of statutory forms, including year end tax returns, to issue to your employees and submit to HMRC
- Summaries and analyses of staff costs
- Administration of incentive schemes, bonuses, and ex-gratia and termination payments
- Administration of pension schemes
Key Payroll Dates FAQs
What happens if I miss the deadline for submitting the P60 forms to my employees?
If you miss the deadline for giving P60 forms to your employees, HMRC has the discretion to charge an initial penalty of up to £300 per late form and further penalties of up to £60 per day for each day you fail to send them.
It’s crucial to ensure all your employees receive their P60 forms by the 31st of May to avoid any fines and to ensure compliance with tax obligations.
How do I know if I need to submit an Employer Payment Summary (EPS)?
You need to submit an EPS if you’re reclaiming statutory payments, claiming Employment Allowance, reclaiming Construction Industry Scheme deductions, or if you pay the apprenticeship levy and your annual bill is more than £3 million. If any of these conditions apply to you, make sure to submit your EPS by the 19th of April.
What are Class 1A National Insurance contributions?
Class 1A National Insurance contributions are due on expenses or benefits you provide to your employees. If paying by cheque, the deadline is the 19th of July, and if paying electronically, the deadline is the 22nd of July. These contributions are an employer-only charge based on the value of benefits in kind provided to employees.
Can I automate any part of the payroll process to ensure I meet these deadlines?
Yes, many aspects of the payroll process can be automated with modern payroll software. This can include the calculation of pay and deductions, the generation of payslips, and the submission of reports to HMRC. Automating these processes can help ensure you meet your deadlines and reduce the risk of errors.
What should I do if I realise I’ve made a mistake on a P11D or P60 form after submission?
If you discover a mistake on a P11D or P60 form after submission, you should correct the error and resubmit the form to HMRC as soon as possible. It’s important to address errors promptly to ensure accurate tax records for both your employees and your business.
How can I prepare for the increase in National Minimum Wage and National Living Wage rates?
To prepare for the wage rate increases, review your current payroll to identify any employees affected by the new rates. Adjust their pay accordingly from the 1st of April to comply with the new minimum wage requirements. It’s also a good opportunity to communicate with affected employees about their new wage rates.