Apologises this blog is a bit late but wanted to record in simple terms what is annual PAYE process for most employers.
Step 1 – Send final FPS: this is a check box in the PAYE software which needs to be ticked confirming that it’s the final FPS of the year.
Step 2 – Issue P60: once step 1 has been completed, we need to issue P60 to all employees employed as at 6th April 2018.
Step 3 – Update Software: all PAYE software must be updated once the tax year ended. Usually the software will prompt you automatically to update it once you logging. Alternatively, visit software provider’s website for instructions.
Step 4 – Update tax code for the new year: please use HMRC guide P9X for this.