Out with the old Financial Year and in with the new

Wednesday 22nd May, 2013
PayStream news

Payroll year end is always a very busy time for us all at PayStream and this year was no exception. The start of the financial year means tying up all the payroll information from the previous year as well as getting ready for the year ahead.

Here are a couple of things for you to look out for over the next couple of months.

Issuing of P60's

The deadline for the issuing the P60's is 31.05.13. The P60 is your summary of your Gross Pay and the Income Tax and National Insurance that's been deducted in the tax year. If we hold an email address on record then your P60 will be emailed directly to you otherwise it will be posted.

Your P60 could be useful if you need to:

  • complete a Self Assessment tax return, if this applies to you
  • claim back any Income Tax or National Insurance contributions you've overpaid

You may also need it as proof of your income if you apply for a loan or a mortgage - so it's important to keep all your P60s in a safe place.

Issuing of P11D's

The deadline for issuing your P11D is 06.07.13. Your P11D informs HMRC about the value of any benefits in kind you may have had during the tax year. Not everyone will require a P11D so do not worry if you do not receive one.

Our Tax Team are already receiving requests for Self Assessment tax returns from our CIS and PSC clients however if you are a My Max contractor there is no need to complete as tax return unless you have been requested to do so by HMRC. If you would like more information on the services our Tax Team can offer then please contact them on tax@paystream.co.uk

So what's new for the 2013/2014 payroll year?

The start of a new tax year brings with it increases to PAYE and National Insurance thresholds along with an increase in the student loan threshold for the 2nd year running. For further information on the new tax thresholds please download our tax rate card here.

RTI is now live for everyone

Although being part of the RTI pilot has meant that we have been live for a while now for our My Max contractors, the start of the new payroll year has meant that we have now rolled out the process to all our clients including our PCS clients and our outsourced payroll clients.

Pensions Auto Enrolment

The staging date for Auto Enrolment for our My Max contractors is 1st August, with My Max 2 and 3 following in 2014. We have confirmed Nest as our Pension provider and we will be starting our implementation in June and informing all those affected in July.

If you would like more information regarding Auto enrolment you can do so by visiting our website.

System improvements

Despite being busy finalising and implementing all of the above we have also managed to dedicate some time to improving our My Max service.

The payment text message now informs you when you can expect the payment to clear in your account, which we are sure you will find really useful.

We have also added the option to email the expenses team directly from within your expenses portal which means you no longer need to open your own email account. We have also added the expenses deadlines within the expenses home page for your ease of reference.

That's not all! We're also busy working on further improvements to our expenses and timesheet portal so watch this space for more information regarding that.