A BACS hash code on the full payment submission (FPS) is a randomly generated code when the FPS process is run. This code enables HMRC to align payroll reporting with payments to employees and ensures the payments sent on the FPS match the amount that the employee was actually paid.
HMRC has confirmed that the BACS hash code in FPS is no longer required from 2023-24 FPS submissions. However, since this announcement came in late, The Bacs Hash code if submitted in 2023-24 submissions will be ignored by HMRC.
Also, HMRC has released the updated format of P60 and eP60 for 2023-24 in gov.uk . Each year employers are required to provide their employees with a P60 form at the end of the tax year to report details of Gross pay, Tax paid, NI contributions, Statutory payments and Student loans for the fiscal year.
Our Position Statement is now updated with the details of the above legislative changes. We encourage our customers to review the latest statement to keep up to date. The updated Position Statement can be found on My Oracle Support, Doc ID 2925762.1