Starting a New Tax Year & FSY for Tronc payroll: Before starting a new tax year, you must submit a Final Submission for the Tax Year (FSY) to HMRC. This submission is completed through a Final Employer Payment Summary (Final EPS), as the system does not support FSY via FPS.
Deadline: The deadline for submitting the Final EPS is April 19th, following the end of the tax year on April 5th. Late submissions may result in penalties.
All Payroll Task Completed: The FSY acts as the closing process for the current tax year, ensuring that all pay runs and FPS returns have been completed and e-filed before transitioning to the new tax year.
Handling Multiple tronc accounts: If you manage multiple tronc accounts, each must be processed individually.
Adjustment of Error?: However if you have over paid or under paid the employee under the Tronc payment you must make the adjustment before proceeding with the FSY and E-file the corrected returns using the Amended E-filing option.
Reclaim From HMRC: If you have any reclaim from HMRC such as Recover Statutory Payments, Claim Employment Allowance and Claim CIS Deductions Suffered etc. you must do so under your regular Employer PAYE Real Time Information (RTI) returns. Under HMRC rule Tronc payroll is purely for the propose of distribution of tips and to file the tax return, and it is not entitled to for any reclaim.