January is an important month in the calendar year and in the self-assessment timetable, but it isn’t that special for payroll.
The tax year relevant to payroll in the United Kingdom runs from 6th April to 5th April the following year. For this reason, April is our busiest time of year.
April is when most of the relevant changes to legislation are introduced. Employers have to send their final real time information returns of the tax year. Many employers issue P60s to their staff in April, although they have until the end of May to complete this. The end of the tax year is also the best time to switch payroll systems and we always see a peak in new customers around this time.
As well as being the start of the calendar year, January is the month when accountants are hard at work, filing self-assessment returns for their clients before the January 31st deadline. We specialise in payroll, so this doesn’t apply to our business, and January is an ordinary month in most respects.
The idea of starting our business came from an email discussion in January 2004, so this is, in a sense, an anniversary of the origin of our company. Initially, we didn’t know what kind of business we would start, but then we evaluated 60 ideas until we selected online payroll as the best venture for us. However, it wasn’t until March that we started working on the business, and we launched the live service in April 2004, with very limited functionality.
Whatever the significance of January in your business calendar, we would like to wish all of our customers, and the readers of our blog, a happy and prosperous 2019.