Key dates all employers need to know

Discover the key deadlines employers must be aware of in this concise guide. 

Key dates at a glance

1st April	National Minimum Wage increases come into effect
6th April	New Tax Year
19th April	Final Employer Payment Summary submission deadline
31st May	P60s must be with employees
5th July	Deadline for applying for PAYE Settlement Agreement (PSA)
6th July	P11D deadline
22nd July	Class 1A NI due (electronic payment) or 19th July by cheque
22nd October	PSA tax due (electronic payment) or 19th October by cheque

1st April – National Minimum Wage increases come into effect 

Increases to the National Minimum Wage are announced each year in October and come into force from 1st April. It is essential that businesses comply with the minimum wage. Businesses that don’t comply will be subject to penalties. 

6th April – New Tax Year 

As the new tax year starts, new tax rates and bands as well as changes to tax legislation may be scheduled from 6th April. Staying up to date with all changes is difficult alongside running your business so using a trusted accountant, such as TaxAssist Accountants, is essential to ensure you meet all your employer obligations. 

19th April – Final Employer Payment Summary submission 

An Employer Payment Summary (EPS) is a submission to HM Revenue and Customs (HMRC) under the Real Time Information (RTI) system. An employer must submit an EPS to HMRC to indicate you’re making your final submission for the tax year. An EPS may need to be sent to HMRC each month by the 19th, and for the final submission this must be submitted by 19th April. 

31st May – P60s must be with employees 

A P60 is an annual payroll form for employees which details the amount they earned in a tax year, alongside the amount of tax paid. Employers must issue P60s to employees by 31st May. You can find out more about P60s in our guide to understanding P60s. 

5th July – Deadline for applying for PAYE Settlement Agreement (PSA) 

A PAYE settlement agreement gives employers the option to pay an annual payment of Tax and National Insurance (NI) on some expenses and benefits to employees. If you want to apply for a PAYE settlement agreement you must apply by 5th July. 

6th July – P11D deadline 

A P11D is used to report benefits made to employees and directors to HMRC. The form must be submitted annually to HMRC by 6th July. Discover all you need to know in our guide to completing a P11D. 

22nd July – Class 1A NI due 

Following the submission of your P11D, any tax and NI due must be paid to HMRC by 22nd July got those making an electronic payment. If you are paying by cheque, the deadline is sooner on 19th July. 

22nd October – PSA tax due 

If you have applied for a PAYE settlement agreement, the payment of any tax and NI under this arrangement is due by 22nd October if paying electronically. If you’d paying by cheque the deadline is 19th October. 

 

Date published 29 Aug 2024 | Last updated 29 Aug 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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