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Payroll Year End 2017/18

Year End Instructions

You can download the year end instructions from the following link: Download the instructions

Download link

You can download the year end update from the following link: Download now

 

General Software Changes

Personal allowances have been uplifted this year, so you will need to update the personal allowances for codes L, M and N before processing your first pay period of 2017/18.

You can find instructions on making these changes for each payroll company you process the payroll year end guidance notes above.

 

Employment allowance

The Employment Allowance is available again for the year

April 2017/18 and, if you are eligible, you could reduce your Class 1 NICs by up to £3000 in the 2017/18 tax year.  If you claimed in the 2016/17 year, the claim will be automatically brought forward to the new tax year; there is no need to submit the claim again.

 

Tax Code Changes

For every company:        

1.   Open the company in Keytime Payroll (for 2017-8)

2.    Go to payroll > End of year

3.     Select change tax code

4.     Type L to change the L code

5.     Enter 50 for the amount to change

6.     Type M to change the M code

7.     Enter 55 for the amount to change

8.     Type N to change the N code

9.     Enter 45 for the amount to change

For further details regarding Tax and tax credit rates and thresholds for 2017-18 please refer to the following:

https://www.gov.uk/government/publications/tax-and-tax-credit-rates-and-thresholds-for-2017-18/tax-and-tax-credit-rates-and-thresholds-for-2017-18

Student Loan thresholds

If you have ticked the box for a Student loan the annual earnings above which collection will start are as follows:

Threshold for Plan 1   £17,775

Threshold for Plan 2   £21,000

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