How to start a new payroll tax year
This article explains how to start a new payroll tax year and transfer employee profiles in FreeAgent.
Once you’ve filed (or marked as filed) the month 12 payroll for the existing tax year, you don't need to do anything else. FreeAgent lets HMRC know that you are finished with the previous year, then from 1st April you’ll be able to set up a new payroll tax year by following these steps:
1 Navigate to the 'My Money’ tab and select 'Payroll'
2 Change to the new tax year
By default, FreeAgent displays the year that just ended. Change this by selecting the drop-down and choosing the new tax year.
3 Select 'Start new Payroll year'
Once you’ve selected ‘Start new Payroll year’, FreeAgent will use information from last year to create this year’s payroll profiles.
If you need to edit a profile, you can do that before selecting ‘Start new Payroll year’ but you can also edit profiles after the transfer is complete. You can edit an employee’s profile by selecting ‘Edit’.
Here you can edit the employee’s NI category letter, tax code and any other relevant information. To complete the changes of a payroll profile, select 'Update Payroll Profile' at the bottom of the page.
