Understanding Employer Payment Summary (EPS): When and How to Submit
The Employer Payment Summary (EPS) is a critical document for businesses in the UK, playing a key role in the payroll process. Understanding when and how to submit the EPS can ensure your business remains compliant with HMRC requirements. This guide will walk you through the essential aspects of the EPS, highlighting the best practices for timely and accurate submissions. 1. What is an Employer Payment Summary (EPS)? The Employer Payment Summary (EPS) is a document that employers use to report payments to HMRC that cannot be reported on a Full Payment Submission (FPS). It is essential for declaring adjustments to the amounts owed to HMRC, such as statutory payments and Employment Allowance. The EPS is an integral part of the Real Time Information (RTI) system, which requires employers to report payroll data to HMRC each time they pay their employees. Best Accountants in London 2. Why is Submitting an EPS Important? Submitting an EPS is crucial for several reasons. Firstly, it allows y