This article will outline the 2022/23 end of year procedure and provide you with a summary of the changes which are being introduced for 2023/24.
Do I need a week 53?
A week 53 takes place when your payslip date falls on Wednesday 5th April 2023. This applies to weekly, fortnightly and four weekly paid employees. If your payslip date (the date in which your employees receive their pay) does not fall on this day then no week 53 is required. Upon completing week 52 you can migrate your data to 2022/23 and proceed to pay week 1.
The NI calculation for week 53 will be accomplished exactly the same as every other pay period. The only change will be for tax calculations where the software will automatically alter the employees tax to a week 1/month 1 tax basis.
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:
- Pay your final period (W52/W53/M12)
- Submit FPS (Full Payment Submission)
Any employee who is employed by your business on the 6th of April must receive a P60. If an employee has left prior to the 6th April they will not receive a P60.
A P60 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. For more information on P60's please click here.
Installing and Migrating the New Software
At the end of the tax year Qtac produces a new version of the payroll software. You are able to migrate the data from 2022/23 version of the software into the 2023/24 software once your final pay period has been completed. For more information on this process see Migrate last years data.
Changes Introduced in 2023/24
There are a number of statutory changes being implemented for the 2023/24 tax year. For further information and detail visit the Qtac blog.