Solution Properties
Solution ID:
200427112317733
Last Modified Date:
Mon Nov 11 07:48:27 UTC 2024
Taxonomy Path:
Case category//How do I...//year-end
Author:
janice.bell@sage.com
Complete 2024 tax year
Description

 TIP: This is step two in payroll year end. Go to the Payroll Year End 2024 hub to see them all. 

 TIP: Use the Payroll year end checklist, so you don't miss a step. 

To complete your tax year

All you need to do is check if you have an extra pay period, and process all your periods for 2024 payrolls.

Complete the tasks below: 

Check your Sage Payroll is up to date

Before you complete the tax year, if you haven't already, download and install Sage Payroll v27.3/v28.

Check for an extra pay period

As the tax year doesn't divide evenly into tax weeks, any remaining days mean there's an extra pay period, known as week 53.

This year, you have an extra pay period if your normal pay day is a Monday or Tuesday and you last processed:

  • Weekly paid employees on 23 or 24 December
  • Fortnightly paid employees on 16 or 17 December
  • Four-weekly paid employees on 2 or 3 December

 NOTE: Monthly frequency payrolls don't have an extra pay period. 

Check if you have an extra pay period.

Process your final pay periods of 2024

Revenue requires you to make payroll submissions in the same tax year that you make payments to your employees. This means, if any pay dates fall outside 2024, an error appears. To fix this, adjust the dates to be within 2024 and complete processing as usual.

If your pay date falls on a bank holiday, set the date to the holiday and process the payment on the previous banking day. For New Year' Day, use 01/01/2025 as the pay date, even if the actual pay date is 31/12/2024.

Print your Employment Detail Summary report - optional

The Employment Details Summary report is a summary of each employee's pay and tax details for the year.

Validate your payroll data

You can use the Validate Payroll Data option to check your payroll data for any issues that cause your Revenue submissions to fail.

Housekeeping tasks

Before processing in the new tax year, there are a few tasks, we recommend you need to carry out. Complete the housekeeping tasks.

What to do next

Once you complete the tasks and 2024 payrolls, you're ready to set up your software for processing in 2025.

 

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