PAYROLL INSIGHT
Though for many the end of the financial year passes as a relatively non-event, for payroll professionals it’s the busiest time of the year with a seemingly endless to-do list. But what if you’re a manager as well? The payroll manager’s year-end check-list Liz Walton, product owner for HRM at MHR, provides a handy checklist
Here at MHR we know it is hard to keep track of everything that needs doing so we have created this handy check-list to keep you on track.
Check compliance Review all your existing policies and procedures and ensure that they still apply or comply with the frequent changes to laws and regulations that happened throughout the year. Make sure your human resources (HR) and filing systems are correctly in compliance. To ensure this, conduct an HR, data protection and security audit. Review your retention policy for any documents and dispose of anything that is no longer required. Prepare for any regulatory updates that are coming into effect in 2017–18. Make more out of benefits Review your current rewards and benefits packages include everything your team want. Ensure your team are aware of all the benefits that are available to them. Make sure your team are signed up to any benefits they wish to receive before any cut off points. Verify validity of any National Insurance certificate elections. Process any pension deferments to mitigate negative values in 2017–18. Ensure that the real time information (RTI) full payment submission is successfully submitted to HM Revenue & Customs (HMRC) on or before pay day. Run the clear-down, which moves the payroll on into the new year and performs processes to prepare for the new year. Run month-12 RTI employer payment summary, balance to other reports and submit to HMRC. Supply P60 certificates to employees/pensioners. Payroll processing Load or key in any P9 tax coding notifications.
Update employee records Make sure employees, who have changed their status during the year or have gone through any major life event that might affect their tax code or contributions, review their details. Update any changes in employee addresses, personal or diversity information. Review company-wide salaries, adjust any salaries that have been affected by performance or pay reviews Plan for any changes and ensure smooth running of other general HR tasks Ensure payroll calendars contain entries for the new tax year. Start to plan a holiday schedule between your team. Plan bank holiday cover for the year (if needed) and distribute it company-wide. Review and analyse your current staffing levels and submit any requests for additional headcount. Review employees’ performance and consider them for any promotions or additional responsibilities in the coming year. Plan for the most critical projects that you are expecting to face in the coming year.
Year-end is not all about P60 certificates, expenses and benefits. It is also a chance to take stock of all your people, processes and procedures so that you start the new financial year with bang.
| Professional in Payroll, Pensions and Reward | March 2017 | Issue 28 22
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