End of tax year process #145
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I'll update this with images when I do the process in the next few weeks - so no need to review until then Writing this up was more painful than doing the company accounts 😩 |
| * `Xero > Payroll > Employees > Select employee > Taxes` | ||
| * Here you can see old tax codes and add new ones. | ||
| * If you've not received anything from HMRC, Xero will update the tax codes for you automatically (but check anyway!) | ||
| * [ ] Send P60 forms to all employees for their records: `Xero > Payroll > Select all employees > Hit "send P60"` |
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Is this also a couple of weeks before the end of the year or only after that final payroll has been completed?
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Good point - the two week thing is just so Xero posts the latest payroll into the reports you're going to run, so you can check all the figures - but everything else happens after payday at the end of the month
Will clarify
Oh totes, no complaints from me! It was a pain to write up because it's so fiddly, because you're reconciling the sum of two columns in one report with another column in another report that's called something different etc. But overall it's actually a much more satisfying process than the annual accounts because you're checking specific things and ticking them off, rather than looking at the whole year in toto |
* Correct "and" to "plus" to make clear that a sum was intended * Make clear which parts need to be done before/after running the year's final payroll
All the checks and updates needed for the end of the tax year
REF: dwyl/hq#515