Payroll Year End 2021:
Another Year over in the world of Payroll, and with the continuation of the EWSS Scheme, we are still seeing signs of the pandemic in the shadows. Nothing will quite top the turbulence of 2020, and so 2021 waters seemed a little calmer thankfully. As payroll operators and support teams we have still been playing an important link between the government and employees, bringing us to our third Payroll Year End in the payroll modernisation era. Once again we have put together this PYE article, as a one stop hub to get you through your Payroll Year End. Everything you need to know is here!
The information below will refresh your memory with some important tips, handy downloads and links to other articles which may be relevant to your payroll.
Things to Remember:
Because you have been making submissions to Revenue every time you pay your employees, payroll year-end is like any other pay period with a few preparation tasks and additional steps. This should make it more smooth running. Below is an insight into what you can expect.
- No ‘End of Year Return’
Remember, there’s no longer an ‘end of year’ return. In tax years, prior to 2019 you had to run the P35, P60 and PRC1 tax year end reports. These are no longer required, and the reports no longer exist in the Sage Payroll software. The P35 has been replaced by the summation of your ongoing submissions to Revenue.
- No Issuing Of P60s
Remember, like last year, Revenue produce an ‘End of Year Statement’ for all employees, which includes details of all their pay and deductions for all employments in that tax year. Employees will be able to view and print this statement directly from the myAccount portal on the Revenue website. It might be a good idea to remind your employees about this, as some may have forgotten.
- ‘Employment Detail Summary’ Report
Like last year, the system contains a report which summarises the employees employment details. Its called the ‘Employment Detail Summary Report’. You are not required to hand this out to employees, but you can print or PDF it for your own reference. If an employee asks you for a summary of their employment, this will be the report to give them. It’s predecessor was the P60 document (Pre 2019).
- Get PYE Ready by Reviewing Revenue Submissions
You can check submissions you’ve made to Revenue, using the View Payroll Submission Log option. This shows you summaries of submissions, which you can filter by period date. You can also export a detailed report of each submission contained in the log for more information about what was submitted. To get ready for the year end, we recommend that you review these and compare them to those in your ROS account.
We have some useful resources listed below which can assist you to complete your year end:
- Booklet & Checklist
To help you along the way, here are links to our Payroll Year End Booklet 2021 and our Year End Checklist 2021. Feel free to download them and use them to guide you through your Year End Process.
- Your Payroll Year End Software Update
If you haven’t already been prompted to install your payroll year end update, then you can expect to be very shortly. The update includes the option to complete the 2021 tax year and get started in the 2022 tax year. You don’t need to wait until you receive the prompt, you can get ahead and download from here or from the the downloads section below. The update will update your 2021 payroll software to Version 24.4 It will also install the 2022 Payroll Software which is version 25.0
2021 Year End Update: You can Download the 2021 Year End Update (V24.4 & V25.0 )by Clicking Here. (Size: 273 MB)
2021 Year End Booklet: You can Download the 2021 Year End Booklet by Clicking Here.
2021 Year End Checklist: You can Download the 2021 Year End Checklist by Clicking Here.
We have also put together some other articles which you find helpful as you work through the payroll year end.
Click on the links below to view each one.
- FAQ – Planning Dates Over Payroll Year End 2021
- Extra Pay Period (Week 53, Fortnight 27 or four-weekly period 14)
- Benefit in kind (BIK) Corrections
- Specify if an employee is a proprietary or non-proprietary director
- PRSI Exemption Order
- PAYE Exclusion Order
- Shadow Payroll
- Medical insurance eligible for tax relief
- How to create a Monthly Calendar
- Sage Payroll Pension Tracing Numbers
- Budget Changes for 2022 (Revenue Website)
- Legislation for the 2022 Tax Year (Sage Website)