Everything you need for year end

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The end of the tax year is just around the corner. That means we really need you to be on top of things and get your timesheets to us in plenty of time. This page tells you all you need to know, so take a little time to read it through and note the key dates.

Those all important dates for your calendar

  • We’ll be lifting all locks on 4th April so your payments can be processed in the current tax year.
  • The last payrolls of the current tax year will be processed on 5th April
  • Payments made after 5th April will be classed as part of the new tax year
  • Your P60 will be emailed to you on 19th April. We email your P60 to you directly to so it’s important that you check your email address is correct on MyParasol and make any updates before 1st April
  • To avoid any delays and confusion please also check your National Insurance (NI) number is correct by 1st April

Here’s all the information that matters

1. We’ll be lifting all locks on 4th April 2017

To make sure that all pay and expenses can be paid in the current tax year, we’ll be lifting all locks after close of business 4th April. You can also lift your locks yourself on MyParasol if you want this sooner. Locks will not be automatically reapplied so please make sure you reapply locks from 6th April. Find out more about locks here.

2. Payments made from 6th April will be classed as part of the new tax year

The last day for making payments in the current tax year will be 5th April. Any payments made after this date will be classed as part of the new tax year. Therefore, make sure you enter your timesheets before Friday 31st March to ensure that all payments are paid to you during this tax year.

3. Your P60 wil be emailed to you on Wednesday 19th April so check your email address is correct on MyParasol by 1st April

You can expect to receive your P60 on Wednesday 19th April 2017. Please check that we’ve got the correct email address for you on MyParasol. If your P60 is sent to the wrong email address we will be unable to reissue it.

4. Please check your National Insurance number is correct before 1st April

To avoid any delays and confusion please check your National Insurance (NI) number is correct by 1st April. This will allow us to send your P60 to you on time.

5. Change to Employment Costs

Employment costs refer to employer’s National Insurance contributions and employment related tax which is calculated at 14.3% (after allowances).  13.8% is for employer’s National Insurance contributions and the remaining 0.5% is for an employment tax the government has introduced to fund the cost of training apprentices in the UK.  You will see this as one deduction on your payslip.

View a summary of the changes to tax rates, tax thresholds and tax allowances for tax year commencing 6th April 2017

If you have any questions about what you need to do to be ready for year end or anything else for that matter, then please call us on 0844 875 0079.