At the end of the tax year there are some procedures that need to take place.
However there are some things that used to be mandatory that are no longer necessary. We will cover a few of those here an also how to migrate your data from one version of the software to another.
End of Year Declarations
RTI Declarations will no longer be necessary. You will not be able to submit your EOY declarations from the software anymore.
P60’s are the forms you must send to your employees if they are employed in your business on the 6th of April. These forms are still mandatory. These can be produced from the QTAC software from “Reports > Year End > Electronic P60’s”. If you have the company name selected the software will run the P60’s for the whole company.
QTAC will automatically include the ‘Final Submission Indicator’ within your final (W52/W53/M12) FPS submission.
Simply put, all you need to do at the end of the year is:
- Submit your normal RTI submissions, as you have been doing each week/month and the software will take care of your year end for you.
You CANNOT submit your year end declarations anymore.
Installing and Migrating the New Software
At the end of the tax year QTAC Ltd produces a new version of the payroll software. You can download this new version from our website or alternatively you can be sent a disk if you wish. You are able to migrate the data from one version of the software into the other to save you having to re-add all your employees and companies into the new years software. For more information on this process see Migrate last years data.
P35 forms are another form that do not need to be completed or submitted any more, because of RTI being submitted every month the revenue knows what tax and NI that is due by the end of the year. In effect you submit a piece of your P35 each period.