Employers: Getting Ready for Tax Year end 2023/24 and Welcoming the New Tax Year 2024/25

As the end of another tax year approaches, it’s essential for employers to ensure they’re prepared for the transition from tax year 2023/24 to 2024/25. This article provides a comprehensive guide to help employers understand and comply with the necessary procedures.

Ensuring Accuracy and Compliance for Tax Year End 2023/24:

Employee Information Verification

It’s crucial to verify that all employee details, including names, addresses, national insurance numbers, and tax information, are accurate and up to date.

Compliance Check

Stay up to date with the latest HMRC regulations to ensure compliance with all requirements.

Year-to-Date Figures Review

Review year-to-date figures to ensure they align with payroll records and Real-Time Information (RTI) submissions.

Final Payroll Processing

Process the final payrolls for the tax year and submit all necessary information to your payroll provider.

HMRC Submission

Submit all required data accurately and on time to HMRC by the deadline of 19th April 2024.

P60 Distribution

Provide P60 forms to both employees and employers by the deadline of 31st May 2024.

Employee Expenses and Benefits Reporting

Report employee expenses and benefits by 6th July 2024 and issue P11d forms accordingly.

If you have your payroll already set up with NRB you do not need to worry, we have this covered for you. However, if you are interested in looking at NRB’s payroll service offering for the new tax year 24/25 please go to https://www.nrb.co.uk/services/bookkeeping/payroll-services Services – NRB or email payroll@nrb.co.uk.

Key Considerations for Tax Year 2024/25

Automatic Tax Code Updates

Employee tax codes for the new tax year will be automatically uploaded when setting up the first pay period.

Changes in employee National Insurance Contributions

The main rate of employee National Insurance will decrease from 10% to 8%.

National Living Wage

Ensure compliance with the National Living Wage rates:

  • Workers aged 21 and over: £11.44 per hour
  • Workers aged 18 to 20: £8.60 per hour
  • Workers aged under 16: £6.40 per hour
  • Apprentices: £6.40 per hour (if aged 19 or over and have completed the first year of their apprenticeship).

Further guidance is available at National Minimum Wage and National Living Wage rates – GOV.UK (www.gov.uk).

As employers gear up for tax year end 2023/24 and the commencement of tax year 2024/25, it’s imperative to ensure accuracy, compliance, and readiness. By following the outlined steps and staying informed about changes in regulations and wage rates, employers can navigate the transition smoothly. If you have any concerns, please make sure you contact your payroll team or provider for support.


Integrity is at the forefront of everything we do as we apply the strongest ethical and moral rigour across how we work and assist our clients.

At NR Barton we understand the importance of trust and through our integrity we make sure this underpins absolutely everything we do.

We like to do the best for our clients and this isn’t always easy. We aren’t afraid to use our integrity to confront difficult situations. We firmly believe that acting with our utmost integrity those difficult conversations will help to build our trust with our clients. Sometimes the difficult option is the best.

It is also our integrity that has helped us to build a strong local relationship in our market place and the thrive as a business for the last seventy years.

We’re here for the long term and our integrity will help us to achieve that.