15th April 2024
Businesses face the recurring challenge of meeting Real-Time Information (RTI) deadlines, which can occur on a monthly or weekly basis, depending on the frequency of payments. Missing RTI deadlines can have serious consequences for businesses, ranging from financial penalties to potential disruptions in employee benefits.
At the end of the tax year, employers must make final submissions to HM Revenue & Customs (HMRC), including details of all payments made throughout the year and any adjustments or corrections. The deadline for the end-of-year submission is 19th April.
Full Payment Submission (FPS)
A final FPS should be sent on or before your employees’ last payday of the year (which ends 5th April). Most payroll software’s will have a field allowing you to mark the submission as your final submission.
Employment Payment Summary (EPS)
A final EPS is required instead of a final FPS if:
- You forgot to mark the final FPS as the final submission of the year.
- Your software does not have a field to mark the FPS as final.
- You did not pay anyone in the final period of the tax year.
- You have final adjustments to statutory payments or Construction Industry Scheme (CIS) to reclaim.
If you have any queries, or require any assistance please contact our payroll team on 01903 300230.