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The finishing line
The end of the tax year is a busy time for tax advisers in particular for those who operate PAYE. There are several issues that should be borne in mind. First if a business is running a weekly or multi-week payroll check whether it has a week 53 (weekly) week 54 (two weekly) or week 56 (four weekly) at the end of the 2019-20 tax year. These usually occur on a weekly payroll in a leap year. If this is the case the tax codes must be operated on a non-cumulative basis for the weeks 53 54 or 56 and this should be noted on the full payment submission (FPS) and the employee’s P60.
Full payment submission
Ideally the FPS should be filed on or before 5 April because this is the final day to pay...
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