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HMRC requires limited companies to submit their payroll data using a Real Time Information (RTI) submission on a weekly or monthly basis. This is the reporting mechanism HMRC have put in place for all limited companies to operate and report on their employee salaries and PAYE deductions and other employee related information.
At the end of each tax year (on 5th April) HMRC require a Final Payment Submission (FPS) to be made by your limited company within 14 days (by 19th April). The FPS confirms your company’s payroll is closed for the tax year. The data contained in the FPS is locked by HMRC after 19th April and can’t be amended online. Any updates or changes required after 19th April must be made by submitting an Earlier Year Update (EYU).
An EYU therefore enables you to amend (‘update’) any payroll data previously submitted to HMRC for an employee or director of your limited company after 19th April, for the preceding tax year, even if your payroll is closed.
HMRC requires the following data for the tax year covered by your EYU:
At Crunch, we offer both an RTI compliant payroll service and also an EYU service if this is required by our clients. If you’re already a Crunch client, please speak with your client manager.
If you’re interested in seeing how Crunch could make running your company finances easier, why not speak to one of our advisors on 0333 311 8000 or book a free consultation.