Year End Summary 2023-24

This guide has been designed to help you complete the necessary year end tasks for 2023-24 and move forward to start processing and reporting 2024-25 payroll information. It can be accessed at any time by clicking ‘Help – Online – End of Year Guide’ from the main menu in the Payroll Manager software.

This page covers the following areas:

1. Filing the last RTI submission for 2023-24
2. Producing P60s for employees
3. Creating a new payroll data file for 2024-25
4. New for 2024-25
5. Important deadlines

Items 1 and 3 on this list (filing the last RTI submission for 2023-24 and creating a new file for 2024-25) can actually be done in any order, although we recommend that you finish entering data for 2023-24 before creating the file for 2024-25.

1) – Filing the last RTI return for 2023-24

Your final FPS return for the tax year should be sent, as always, on or before the payment date of your employees. In practice this means that you should have filed all of your FPS returns for 2023-24 by 5 April 2024. HMRC also require that you send a ‘Final Return’ for 2023-24, which Payroll Manager automatically schedules for you by creating an EPS return. For full instructions please see the guide Filing the last RTI return for 2023-24

2) – Producing P60s for each employee

The P60 summarises an employee’s total taxable pay and deductions for the year. You need to provide a form P60 (either paper or electronic) to each employee on the payroll who was working for you on the last day of the tax year (5 April). The employee must receive their P60 no later than 31 May. See the P60 guide for more information.

3) – Creating a new payroll data file for 2024-25

Payroll Manager stores the payroll information for each tax year in a separate data file on your computer. In order to continue processing payroll from April 2024 onward, you need to create a new data file. Payroll Manager does this for you and carries forward all of the relevant payroll information from one tax year to the next. The guide Creating a new payroll data file for 2024-25 takes you through this process.

4) – New for 2024-25

There are a number of items that will affect payroll in 2024-25, such as new rates of statutory pay, and changes to student loan repayment thresholds. For more information on these and other items please see the New for 2024-25 guide.

5) – Important deadlines

• 5 April 2024 – You must have sent your final FPS for the tax year 2023-24 by this date (although you should of course still submit FPS returns on or before the final pay date of the year, as per HMRC rules, which may be before 5 April 2024)
• 19 April 2024 – You must have sent your final EPS submission for the year by this date. This serves as your ‘Final Submission’ to HMRC for 2023-24.
• 31 May 2024 – You need to provide a form P60 (either paper or electronic) to each employee on the payroll who was working for you on the last day of the tax year (5 April). You must do this by no later than 31 May. Make sure that you have the payroll file open for 2023-24, then click ‘Forms – End of Year P60’ to produce these.
• 6 July 2024 – Expenses and benefits annual returns – If you provide employees with expenses and benefits then  P11D and P11d(b) are still sent as a separate submission to HMRC and should be sent by 6 July 2024 where applicable. Please refer to our Expenses and Benefits Guide for more information.