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Product Manager Answers Your Questions About Payroll Year End | Ask Me Anything
Hello and welcome to Payroll year End 2022 Ask Me Anything featuring our Payroll Product Manager for the UK, Gill Byrne.
Below, you will see that Gill has answered some of your top-of-mind questions when it comes to payroll year-end and QuickBooks Payroll products. Don't worry if you don't see your question, as you can reply to this post directly, and your question will be answered by an Expert.
So, over to Gill to answer some of those questions! 👇
1. As a small business, what are the key dates to be mindful of during end of year?
There are a few key dates to be mindful of as we approach the end of the tax year, with April 6th being the beginning of the 22/23. In addition to those dates, there are responsibilities as an employer which you need to be mindful of. We have captured key dates Standard Payroll and Advanced Payroll.
2. Are there any features in QuickBooks advance payroll that makes payroll year-end a smoother experience?
Good question! Both product experiences make the transition from one year to the next as smooth as possible (just remember to issue P60’s before May 31st!)
3. When will the new tax year be ready?
Both QuickBooks Payroll Advance and Standard payroll products will have the new tax year available next week – the week commencing March 21st.
4. In QuickBooks payroll, how do I issue P60s to employees?
In Standard Payroll – P60s are available in Workforce, check out how to add your employees on Step 7. Alternatively, you can email the P60s once you have run the final payroll of the tax year.
In Advanced Payroll – P60s are available in the employee portal and can be published when you run your final payroll.
5. How do I notify HMRC that this will be my final submission of the tax year?
For Standard Payroll, the last submission is automatically selected on the FPS so you don’t need to do anything
With Advanced Payroll, when sending your final FPS for the tax year, select the checkbox to notify HMRC it’s your final pay period
6. What are the main differences between QuickBooks payroll standard and QuickBooks payroll advance?
Hi there and thank you for your question! Standard Payroll is ideal for director only businesses who want to run payroll with speed and simplicity
Advanced Payroll is for employers whose HR features and in-depth analysis of customisable reports. You can check the comparison table for more information
7. When can I do my payroll year end?
It’s entirely up to you, just bear in mind the key dates so you give yourself plenty of time
8. When should I run a P60?
Before May 31st! 😊
Thanks, Gill for answering these questions, and remember, if you have more questions, please post them below 😊