It is not that long until the current 2023-24 tax year comes to
an end and there are a number of year end payroll chores that must
be completed. This includes sending a final PAYE submission for the
tax year. The last Full Payment Submission (FPS) needs to be
submitted no later than the last payday for your employees of the
2023-24 tax year.
It is also important that employers remember to provide
employees with a copy of their P60 form by 31 May 2024. A P60 must
be given to all employees that are on the payroll on the last day
of the tax year – 5 April 2024.
The P60 is a statement issued to employees after the end of each
tax year that shows the amount of tax they have paid on their
salary. Employers can provide the P60 form on paper or
electronically. Employees should ensure they keep their P60s in a
safe place as it is an important record of the amount of their
earnings and tax paid.
