End of Financial Year HR and Payroll Checklist 2023

Published 23 Mar 2023

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For HR and payroll professionals, the end of the financial year (EOFY) can be a hectic time. Whether it’s balancing the books, taking stock of your employee data or running crucial reports, there’s always plenty to do before the end of March.

If you’re the type that enjoys ticking off a to-do list, we’ve got something to make your busy period more rewarding. Our EOFY HR and payroll checklist for 2023 includes all the tasks you’ll need to complete in one handy place.

What will you find in this EOFY checklist?

This checklist is designed to support anyone in a business who manages HR or payroll functions. That might include a HR manager, payroll professional or a business owner doing everything yourself. We have also created a version for outsourced payroll providers.

Our version for employers covers;

Tasks to finalise payroll
Data checks to complete
Regulations and compliance review
Culture and goals review
HR policies checks
Workforce planning

Our version for outsourced payroll providers covers;

HMRC submission dates
Tasks to finalise payroll
Issuing P60 Forms
Data checks to complete

Download the end of financial year checklist for 2023 today.

When is the 2023 EOFY in the UK?

In the UK, the fiscal year runs from 6 April to the 5th April in the following year.

This means that April 6th 2023 will be the first day of the new tax year, marking your new VAT return period and tax year.

Self employed people, sole traders and partnerships follow the fiscal year, as does the PAYE (Pay as You Earn) system. Companies may have a different financial year as they can choose any period for their accounting year – accounting years for companies run from the date the company started trading as specified when they registered with Companies House.

So depending on whether you’re a company, sole trader, partnership, or just running PAYE, there are specific tasks you’ll need to do at the end of every financial year.

How can British employers prepare for EOFY?

On top of following our EOFY checklist, businesses should ensure they take all the relevant actions to prepare. Check out our blog which takes you through all the key steps.

What forms need to be filed at the end of the year?

As an employer, there are a few important forms to submit at the end of the financial year:

P60: This form summarises the employee’s total pay and deductions for the tax year, and must be provided to employees by 31 May.
P11D: This form reports any expenses, benefits or allowances provided to employees or directors during the tax year, and must be filed by 6 July.
P11D(b): This form reports the employer’s Class 1A National Insurance contributions on expenses, benefits or allowances provided to employees or directors, and must be filed by 6 July.
FPS: Full Payment Submission is a report that must be submitted to HMRC every time an employee is paid. It must be filed on or before each pay date.
EPS: Employer Payment Summary is a report that is filed to adjust an earlier FPS submission, to claim statutory payments or recover CIS deductions.

What are some common payroll deductions for British businesses?

Employers can make deductions from wages, which are known as salary deductions or wage deductions. The most common deductions are:

Income Tax (PAYE),
National Insurance,
Pension contributions,
Student Loan repayments, and
Childcare vouchers.

The specific payroll deductions will vary depending on the circumstances of the employee and the employer.

What other admin tasks should be done at the EOFY?

For HR and payroll professionals, the EOFY can be a great time to take stock. Check that your employee data is accurate across the business, whether that’s visa status or employment agreements. With a new minimum wage coming into effect from 1st April 2023, it’s also important to check that your employee pay will reflect that.

From a HR perspective, use this time to check in on company and individual goals for the next year. Whether that’s refreshing your company values or improving your performance review system, make sure your team is well supported to take the company through a successful year ahead.

How can British employers best prepare for the next financial year?

Preparing for a financial year doesn’t have to be hard. Here’s a few tips to help you feel prepared for the 2023-2024 financial year.

Record-keeping is crucial

How are you currently storing your data? If the EOFY comes with a whole lot of dread as you realise you’ll be searching through endless stacks of paper or digital files, it’s probably time to overhaul your record-keeping process. Consider how you can make safe and effective data storage part of the routine.

This is something that HR and payroll software can help with. Every data entry is stored securely along the way and can be accessed in a variety of forms, making downloading up-to-date reports at the end of the year a breeze. Goodbye double data handling!

Stay on top of deadlines

There are plenty of dates to be aware of when it comes to running a business, from public holidays to payrollsubmission dates to tax deadlines. Download our checklist for a handy reminder of all your payroll deadlines, all in one place.

See a new financial year as an opportunity

For many people, getting through the end of a financial year can seem like a whole lot of admin. However, just as spring cleaning leads to a sparkling home, think of a new financial year as an opportunity to do things better.

Here’s your chance to try new things, refresh how you organise employment and payroll, and see how your business can flourish. Plus, you’ve got a nice clear deadline to work towards. What can you do before April 5th 2024 to make payroll and employment easier?

Simplify your businesses payroll reporting with Employment Hero

Imagine if you could tick off so many EOFY tasks in one go, by storing key information and making HMRC submissions on one secure digital platform.

Our all-in-one HR, payroll and benefits platform makes record-keeping, reporting and workforce management easy at EOFY. Learn more about how we can help you at tax time by speaking with one of our small business specialists today.