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Xero payroll year end 2021
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<p>Overview Once you’ve completed your payroll transactions for the year, check your opening balances and post your final pay run. All you need to do is review your payroll reports and prepare your employee records for the new tax year.</p>
<p>If you need to make corrections or forgot to make a claim, make sure you do so by 19 April. Otherwise, you need to process a past year correction.</p>
<p>Open the tasks for your tax period one-pager. Access all Xero features free for 30 days to help you conquer tax time. Xero has all the features you need to manage the end of the financial year effortlessly. Send online invoices as soon as the job is done. Set automatic reminders to spend less time chasing payments. Learn more about invoicing.</p>
<p>Keep track of your cash flow with daily bank reconciliation. Save time and stay current on your business. Learn more about bank reconciliation. Automate tasks like entering bills and receipts. Take a photo of receipts or scan bills into Xero via Hubdoc. Learn more about capturing data. When to lodge your tax return The due date for most businesses is 31 October. We recommend checking the setup of directors for the new tax year. Please check you are happy with the calculation method. Here are a couple of support articles for reference — Set up an employee as a director and Defer your national insurance.</p>
<p>Hope that helps answer your question. Your email address will not be published. Save my name and email in this browser for the next time I post a comment. Find out why over 2 million subscribers locally and across the world trust Xero with their numbers. Posted by Tom Negal. Organisation Opening Balances Employee Opening Balances If for any reason these are not correct, please get in touch with our payroll support team who will be able to assist.</p>
<p>Reconciling In addition to reconciling payroll throughout the year, an end-of-year reconciliation is also recommended. Final pay run The next step is to process the final pay run for the tax year. Review P11 and P60 reports Next up, after the final submission has been completed, the P11 and P60 reports can be reviewed. Prepare for the new tax year Our final step is to prepare for the new tax year by reviewing and updating payroll in Xero to meet any changes made to regulations.</p>
<p>Employment Allowance — If eligible, indicate this is being claimed before you process your first pay run of the tax year. Tax codes — Review employee tax codes. Xero automatically updates tax information for the new year. This includes: Increasing tax codes ending in L, M and N. This article is for small businesses who use Xero. If you’ve opted in to STP before 1 July , you can’t produce payment summaries for the financial year. At the end of the financial year, reconcile your payroll to the general ledger and fix any errors.</p>
<p>Ensure you’ve posted your last pay run for the financial year before continuing. Run the Payroll Activity Summary report and make sure you select all employees and the financial year you’re checking. Run the Trial Balance report , select the last date of the relevant period and sort by account name. Use the following table to check your payroll data by matching the report balances in your Payroll Activity Summary report and the Trial Balance report.</p>
<p>If balances don’t match, check your pay run history to find the pay run with the error and process an adjustment. Once all balances are correct, you need to review the payment summary amounts. Run the Payment Summary Details report , select all employees and the financial year you’re checking before reviewing the amounts for each employee. If you find any incorrect amounts in the payment summaries, you’ll need to fix these before you continue. Review and finalise the summaries before sending them as a payment summary annual report to the ATO.</p>❿
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<p>Once all balances are correct, you need to review the payment summary amounts. Run the Payment Summary Details report , select all employees and the financial year you’re checking before reviewing the amounts for each employee. If you find any incorrect amounts in the payment summaries, you’ll need to fix these before you continue. Review and finalise the summaries before sending them as a payment summary annual report to the ATO.</p>
<p>Pre-tax deductions reduce gross wages on the payment summary at the end of each financial year. You can add these if they need to be reported as reportable fringe benefits in the employee payment summary. If employee fringe benefit taxes FBTs exist, you can edit these when you review the payment summary. If your employee has a Working Holiday Maker status, their payment summary will display their income status type as ‘H’.</p>
<p>Payment summaries for other employee types will display as ‘S’. In the Payroll menu, select Employees. Click Payment Summaries. If you’ve set up STP, you can access old payment summaries. Click End of year reports , then select Payment Summaries.</p>
<p>Still have questions? Contact Xero support Raise a case with our support team. Start a discussion Ask our community of customers, accountants and bookkeepers. Product Ideas – open link in new window Share your ideas and feedback to help us improve our products.</p>
<p>Earnings certificates can be issued to employees at the end of each tax year, or at the end of their employment. To clarify, employers are not legally obligated to issue earnings certificates to employees. Remember that from 24 July , employees are entitled to 10 days of sick leave as at their next anniversary. For example, an employee with a sick leave anniversary of 5 April who works 3 days a week, 10 hours a day, would previously have an annual sick leave entitlement in Xero of 50 hours 5 days x 10 hours per day.</p>
<p>They will need this entitlement updated to hours 10 days x 10 hours per day. An employee with the same sick leave anniversary who spreads their 30 hours across 5 days 6 hours per day will need their entitlement updated from 30 hours 5 days x 6 hours per day to 60 hours 10 days x 6 hours per day.</p>
<p>Your payroll accounts are now in good shape for the new financial year. Any pay runs with a payment date on or after 1 April will fall within the next financial year. In the meantime, check out Xero Central for more information on how to prepare payroll for the new financial year , or register for our payroll financial year end webinar on 24 February Our friendly support team is also available if you need a hand.</p>
<p>Latest product news — November New Ultimate plan offers most comprehensive Xero package for small businesses. Xerocon Sydney: Xerocon returns to Australia. HMRC have requested employers include a message within the payslip to inform employees what the increase in contributions relates to. Where software is unable to support this request, employers will need to update this manually. Find more information here.</p>
<p>If you are eligible to claim this relief, all you need to do is update the HMRC tab and select the coming tax year. As of 6 July , the new Primary threshold for National Insurance will take effect, providing all employees with a higher threshold before the calculation of national insurance contributions. Xero Payroll will support this change along with the current thresholds that apply from 6 April to 5 July across employees and directors. Here are the important dates to note on your calendar as you step through the UK payroll year end:.</p>
<p>New Ultimate plan offers most comprehensive Xero package for small businesses. Xerocon Sydney: Xerocon returns to Australia. Xero’s commitment to gender equality and fair pay for all. Xero and Capital One partner to help rewire the small business economy. Reporting – it just keeps getting better!</p>
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