The end of the tax year is upon us, and you may be aware of the regulatory changes to the end-of-year reporting procedure for employers.
One major difference is HMRC now accepts the final RTI reports for 2014/15 without answering the normal year-end questions. So if you find the questions are missing when you complete your year-end, don’t panic; some software will have been updated by removing them! All you need to do is fill out the report as usual. However, it’s expected most software won’t be updated in time for this tax year-end so it’s more likely you’ll have to answer the questions as normal to submit your final RTI report for 2014/15.
The most important thing to remember is to indicate on your final RTI report for 2014/15 that it’s the final one for the year. Otherwise you’ll be inundated with reminders asking for your final full payment submission (FPS) which can eventually lead to receiving penalty notices from them too. If you forget, you can send an employer payment summary (EPS) up to 19 April instead. Then if any amendments are needed to the final FPS or EPS after 19 April, you’ll have to use an earlier year update process.
If you’d like more information on the changes or need any help with the year-end procedure, just get in touch on 01782 279615.