Key dates for fleets and payroll that you need to be aware of and prepare for

Key dates for fleets and payroll that you need to be aware of and prepare for

January Payroll – National insurance rate change. Effective from January 6^th, the Class 1 National Insurance rate for employees dropped from 12% to 10%. This means that anybody earning between £1,048 & £4,190 per month will now pay 2% less National Insurance starting from their next payroll period. 

March 31^st – Most will be working on a calendar month basis so mileage records for the period April 1st, 2023 – March 31st, 2024, should begin to be finalised. You may want to set a date in April that these must be completed by, we use April 5th. 

April X – Final date for employees to complete their submission of mileage records for 2023/24 

April 4^th – If you are planning to payroll benefits for the first time in 2024/25 then you will need to register with HMRC prior to the start of the 2024/25 tax year.  

April 5^th – End of the 2023/24 tax year. 

April 6^th – Start of the 2024/25 tax year. 

April Payroll – For those who payroll benefits you would have needed to recalculate the value of any car/fuel benefit that is being payrolled based on the HMRC multiplier and CO₂% rates for 2024/25 

May Payroll – For those payrolling benefits, the May payroll is the last chance for employee’s to ‘make good’ the cost of any private fuel they have used to avoid a fuel benefit entry on their payroll. Therefore, if your policy requires employees to repay the cost of any private fuel used, any outstanding amounts need to be collected in the May payroll. 

May 31^st – Private fuel ‘making good’ deadline for anybody who has opted to payroll benefits. 

May 31^st – Deadline for companies to supply a P60 form to all employees for the earlier 2023/24 tax year 

June Payroll – For those who don’t payroll benefits, the June payroll is the last chance for employee’s to ‘make good’ the cost of any private fuel they have used to avoid a fuel benefit entry on their P11d. Therefore, if your policy requires employees to repay the cost of any private fuel used, any outstanding amounts need to be collected in the June payroll. 

July 5^th – Private fuel ‘making good’ deadline for anybody who does not payroll benefits. 

July 5^th – Deadline for P11d submissions which are needed to report any ‘Benefit-in-Kind’ that you have provided to each employee – for example cars, free fuel for private use or interest-free loans.