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A Full Payment Submission (FPS) informs HMRC of payments to employees and includes deductions that have been made. This should be sent to HMRC from your end on or before each payday and before the end of year deadline in April. If any amendments need to be made to an employee’s totals after this date then you are required to submit this information in the form of an Earlier Year Update.
What is an Earlier Year Update?
An Earlier Year Update is used to correct information submitted in the previous tax year. The report simply allows you to inform HMRC about adjustments made to an employee’s totals in the payroll as opposed to reporting re-stated year to date totals for the tax year.
THe number of Earlier Year Updates you can file has no limit. You can file as many as you require as your requirements change. These will be accepted by HMRC for a period of 6 years.
Why use our services?
With our help you can stay on top of any PAYE issues as well as other things related to the EYU so that your business is always meeting its compliance requirements even if the records are changing. We will ensure that you are in good hands with our team of experts who know the ins and outs of the system. Call us today and make an appointment to setup the services for your business.