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Out with the old FY and in with the new

Paystream News

Tuesday 21st May, 2013

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 your contractors 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 contractors summary of 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 contractor's P60 will be emailed directly to them otherwise it will be posted.

The P60 could be useful if your contractor needs to:

  • complete a Self Assessment tax return
  • claim back any Income Tax or National Insurance contributions they've overpaid

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

Issuing of P11D's

The deadline for issuing your contractors P11D is 06.07.13. The P11D informs HMRC about the value of any benefits in kind your contractor may have had during the tax year. Not everyone will require a P11D so your contractor shouldn't worry if they don't receive one.

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.