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Tax Year End Procedure - Essay Example
SPD is a growing company and with growth there has been increased pressure on administration staff to keep pace with the new record keeping and audit requirements that arise from moving from a small to a medium size business. In particular some employees job descriptions have changed to meet demand caused by the growing business…
Inland Revenue and HM Revenue and Customs legislation.
The company payroll is one of the largest expenses a company may have and as such it is important that accurate and complete records should be kept on a daily basis to ensure that the year-end procedures can be carried out with the minimum of stress or inconvenience to payroll staff. This report addresses five different areas where payroll procedures need to be explained so that during the end of year cut-off and rollover procedures there is a minimum of adjustment that might need to be made to existing daily records. The five areas contained in this report include the reconciliation process, the clear-down process, submission requirements and deadlines, a general checklist and a review of procedures.
The most helpful source of information on day-to-day payroll procedures is an Employer's Help Book (E13, 2005) that is published by the Inland Revenue Department. ...