Payroll key dates 2024 and what you need to know

So you want to know the payroll key dates for all things in 2024? As any accountant would happily tell you, the only thing that never changes in accounting is the deadline dates.

But there are some things apart from the deadlines that have changed this year, which lucky for you, we’ve compiled below.

Find out more: Payroll Deductions in the UK

April 1st – National minimum wage increase

Starting with the big one, on April 1st the national living wage (and minimum wage for those under 21) will increase. The new rates will go as follows:

• National Living Wage (21 and over) – £11.44 increased from £10.42 (£1.02 difference).
• The minimum wage for 18-20-year-olds – £8.60 increased from £7.49 (£1.11 difference).
• Minimum wage for 16–17-year-olds – £6.40 increased from £5.28 (£1.12 difference)
• Apprenticeship wage – £6.40 increased from £5.28 (£1.12 difference).

Note: This year there’ll be no increases for the 21-22 age bracket as they’re being merged into the over-23 bracket (now making it an over-21 bracket).

With the minimum wage going up, you’ll need to make sure all staff are paid correctly for their April paychecks.

As the minimum wage goes up, you’ll naturally think of increasing the salaries of those employees on the current minimum wage, but you’ll need to be aware of those employees sitting in between the current and new minimum wage, they’ll also need to be put on the new minimum wage.

When the national living wage increases, business owners will also need to be aware of the compression of wage structure within the organisation. As entry-level workers are paid closer to mid-level workers and senior management, the incentive for higher-level work gets reduced.

Roundup: The most important of the payroll key dates is April 1st, which will see the minimum wage go up, but it’s not just your entry-level employees who’ll be getting a bump. Remember the rest of your team and what pay raises they may need or they might start looking elsewhere.

6th April – Start of the new tax year

Are you supposed to sing Auld Lang Syne for this one?

The new tax year doesn’t bring many new developments this time round. How much you can earn before tax has remained the same as the government has kept the tax brackets steady until April 2028

National insurance decreased, on January the 6th. (So make a note of that).

As the new tax year starts, many small business owners will speak to their accountants to make sure they’ve completed all the necessary paperwork, and to plan for the year ahead.

19th April – Employer payment summary

Your employer payment summary is needed if no employees were paid in the last tax year, or if you want to claim any payments or reclaim deductions such as your employment allowance.

31st May – P60 forms

For many who like to leave it till the last minute, this is the final date for giving employees a P60 form. This form shows employees how much taxable salary they were paid in the previous tax year.

6th July – P11Ds

With summer comes P11Ds (exciting), where it’s time to spill the beans to HMRC on all the benefits and expenses you’ve provided your employees.

Note: by this date, you must also give a copy of your forms to your employees.

By this date, you must also submit a P11D(b) form to HMRC to declare the total amount of Class 1A NICs you owe on expenses and benefits provided for the year.

19th July – Class 1A National Insurance (cheque)

Well, if there weren’t already countless disadvantages to being with a dinosaur accountant, here’s another one. If your accountant prefers to pay by cheque (for whatever weird reason), any Class 1A National Insurance owed on expenses or benefits from the previous tax year must be submitted to HMRC by the 19th of July.

22nd July Class 1A National Insurance (electronically)

However, if you’re with a modern and cool accountant, like us, who prefers electronic payments, any Class 1A National Insurance owed on expenses or benefits from the previous tax year must be submitted to HMRC by the 22nd of July (that’s an extra three days!).

19th October – PAYE Settlement Agreement (cheque)

If you have a PAYE Settlement Agreement, you must pay all tax and Class 1B National Insurance owed by the 19th of October, if paying by cheque.

22nd October – PAYE Settlement Agreement (electronically)

If you have a PAYE Settlement Agreement, you must pay all taxes and Class 1B National Insurance owed by the 19th of October, if paying electronically.

Wrapping up on Payroll key dates

There you have it folks, the 2024 payroll year summarised.

As accountants ourselves, we know how important it is to be on top of deadlines, and we think our 83 5-star Trustpilot reviews will confirm, that we know a thing or two.

If you need help with your payroll this year, get in touch, and we’ll see what we can do.

Get a full breakdown of everything involved in paying staff and getting paid as an employee in our Guide to Payroll.