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Finishing the year
The new tax year is just around the corner but before we focus on the processing of period one’s payroll let’s consider what we need to do to complete the 2016-17 tax year.
Employers should make any adjustments to their PAYE payment on the employer’s payment summary (EPS). This should be submitted to HMRC by 19th of the month (after the tax month-end) so that it is aware of any adjustments before the monthly or quarterly payment of PAYE is made to Debt Management and Banking (DMB).
The adjustments on the EPS are related to the payment of PAYE which is due by the 19th of the month (or 22nd if paying electronically). An example of an adjustment on the EPS would be the recovery of statutory maternity pay (SMP) paid during the tax period. It can also be used to report that there are no employees to...
