Could Furlough and Brexit Complicate Year End Reporting?
With so many business disruptions in 2020, companies are now facing year end payroll reporting in the next couple months. There are challenges each year making sure you have everything in order for HMRC, but will this year be more complicated?
The first consideration will be the new rules due to Brexit. Do your employees travel and do business in Europe? Does your company import, export, or manage data between the UK and Europe? There are many new rules concerning reporting that your team will need to identify and manage with the implementation of Brexit. The UK government has created a tool to help you navigate the new rules. Visit www.gov.uk/transition to see if Brexit changes will affect your business.
The next consideration is furlough. Have you furloughed employees this past year? Do you continue to have employees on the furlough scheme? You can submit claims to HMRC before or after you run payroll each month, but you must make the claim 14 calendar days after the month in which you are claiming (typically the 14th or 15th of each month for claim the month prior). If you have employees on furlough, you need to make sure your reporting and claims to HMRC have been accurate, and your National Insurance and pension contributions have been made accordingly.
If you need help with year-end payroll reporting, we can help. Our CIPP-certified team can provide expert advice to ensure you report and file accurately with HMRC. With cloud-based technology that automatically updates with new HMRC changes, you can be assured your payroll and year-end reporting is compliant and accurate. Talk to us today about simplifying payroll and year-end reporting with our customised technology and expertise.