It’s May and we’re well into the new tax year. We know you’ll be making plans for the financial year ahead, so we have some great new updates to keep making payroll easier for you and your business.
At the end of each tax year, businesses must issue employees with a P60 report, indicating how much tax they’ve paid on their salary in the last tax year. Employees will often use their P60 as proof of how much tax they’ve paid on their salary in order to claim back overpaid tax, apply for tax credits or as proof of income when applying for a mortgage or loan.
Pento now makes the process of issuing your P60s a whole lot easier by sending them to all your employees automatically. Using the email addresses registered to Pento, all employees who worked for your company up until the last day of the tax year (5 April) will receive their P60 straight to their inbox.
There is also the option to download a copy of the report or resend it.
For companies who joined Pento in the middle of the tax year, we are now capturing the year-to-date (YTD) employee and employer pension contributions on the platform.
The employer pension YTD figures will also appear on your employees’ payslips as well as in the payroll report.
If your employees are using additional voluntary contribution (AVC) pension schemes, you can now add these contributions as a pay item on Pento.
AVC will be added as a gross deduction that will reduce an employee’s taxable, but not NI’able pay.
For those employees who have several salary types (for example, annual salary, overtime and sales commission), we’ve made it easier to track them in Pento. Now each salary type displays as separate line items on your employee payslip in Pento, just as they’re broken down on your actual employee payslip.
We can’t wait to announce some big new features we have coming soon, one of which will be the option to set up customised recurring pay items. Watch this space for exciting new developments soon.
We love hearing your feedback on all these updates, so please do get in touch via chat.