Year End Instructions
You can download the year end instructions from the following link: Download the instructions
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.
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:
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