The calm before the storm…?

Paula Veysey Smith • 4 February 2015

So, with the deadline of the 31st January out of the way for self assessment returns, life in the accounting world changes from full steam ahead to calm sailing in warm tropical waters.  We all breath a deep sigh of relief and enjoy cocktails on the deck while waiting for the next whirlwind of activity that is likely to fill our sails.  And with the end of the payroll year becoming visible a whisp of wind already stirring up giving warning of the storm that may be approaching.

However, with PAYE being reported to the HMRC in real time from the 6th Apriil 2013 we no longer have to grapple with forms P35 and P14.  We have been told in no uncertain terms that they will be rejected if we do attempt to submit them! So what happens instead?

Well, at the end of the year you must make sure that you submit your final Full Payment Submission (FPS) and/or Employer Payment Summary (EPS) for the final pay period in that tax year. HM Revenue & Customs (HMRC) uses the information that you send to make sure that you and your employees have paid the right amounts of tax, National Insurance contributions (NICs) and student loan deductions for the tax year. The information is also used in the calculation of entitlement to state benefits, tax credits and pensions.

For most employers, this means you will send your final FPS on or before your last payday in the tax year, which ends on 5 April 2014. You must also indicate on your last FPS or EPS for the year that:

It is your ‘Final submission for the tax year’ and,

answer the end-of-year questions and declaration – you can find out more about these by following the link below to the section called ‘Final submission for the tax year and end of scheme information’ in the guide ‘What payroll information to report’

You must do this even if you have not made any deductions of PAYE tax or NICs from your employees in that pay period.

Simples! Although the use of the word “most” indicates that for some employers this two step year end process isn’t quite going to be enough.  The HMRC bulletin continues on with further help and guidance for the year end requirements under RTI which I will save you the pleasure of disseminating in the bog.  Suffice it to say that if you have any concerns regarding your payroll and the ability to meet HMRC year end requirements help is very much to hand here at M:Power Accounting.

Please contact us now to ensure that when the year end of the 5th April 2014 comes around your payroll is as water tight as an ocean going vessel and no HMRC storms are going to knock you off course towards the rocky shore.

 

T is for Time-Bound

by Paula Veysey-Smith • 26 June 2026
A goal without a deadline is just a wish with good intentions. Here's why putting a date on it changes everything. “Having that end date is something that gives you the enthusiasm, the commitment, and the motivation to continue.” We're now on T in the SMARTER Goals series - and this one is beautifully simple. T stands for Time-Bound, or Targets. It means giving your goal an end date.

R is for Relevant

by Paula Veysey-Smith • 26 June 2026
Short-term goals are more powerful when they're built towards something bigger. Here’s why relevance is what keeps you going when motivation dips. “Goals that are shorter term in nature, but built to a bigger vision, are the most motivating that you can get” So far in this series we've looked at S for Specific, M for Measurable, and A for Achievable. Now we come to R for Relevant -- and this one is about making sure your goals are connected to something that genuinely matters to you.

A is for Achievable

by Paula Veysey-Smith • 26 June 2026
Ambition is a wonderful thing. But set the bar too high and it can work against you. Here's how to find the sweet spot. "Having goals that are achievable doesn't mean downgrading your expectations. It's about providing a goal that you know, if you work hard and do the things you need to do, could be achieved." So far in this series we've looked at S for Specific — getting crystal clear on what you want — and M for Measurable, making sure you can track your progress along the way. Now we come to A for Achievable. And if you're anything like me, this one will resonate.
HMRC mileage rate increase 2026 -- car dashboard representing business travel costs

HMRC Increases Mileage Rate to 55p Per Mile

by Paula Veysey-Smith • 5 June 2026
HMRC has increased the Approved Mileage Allowance Payment rate from 45p to 55p per mile for the first time in 15 years. Find out what the new rates mean for employees, directors and self-employed individuals from 6 April 2026.
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