P60
What is a P60?
A P60 is a year-end tax document issued to employees in the United Kingdom. P60 meaning provides a summary of the employee’s total earnings and the amount of income tax and National Insurance contributions (NICs) deducted during a specific tax year. The P60 is typically given to employees by their employers on or before May 31st following the end of the tax year, which runs from April 6th to April 5th of the next year.
Contents
The P60 contains important information, including:
- Your total gross earnings (before tax) for the tax year.
- The total amount of income tax deducted from your earnings during the tax year.
- The total amount of National Insurance contributions deducted from your earnings during the tax year.
- The unique tax code used to calculate your tax deductions.
- The tax year covered.
Usage
The P60 is an essential document that employees might need for various purposes, including:
- Verifying income and tax paid when applying for a mortgage or loan.
- Completing a Self Assessment tax return if additional tax is due or if you are eligible for a tax refund.
- Providing evidence of income and tax paid to various government agencies or organizations.
How to get P60?
Many employers provide employees with electronic P60s. Accessible through a secure P60 online portal. If you need a copy of this document, you can often download it from your employer’s system.
P60 vs. P45
It is issued annually at the end of the tax year. While a P45 is provided when you leave a job during the tax year. The P45 shows the details of your earnings and tax payments up until your last day of employment with that employer. You can not get from HMRC.
Can I get a copy of my P60 from HMRC?
It is essential to keep your P60 form and other tax-related documents in a safe place. You may need to refer to it in the future. Especially when completing a Self Assessment tax return or dealing with queries related to your earnings and tax payments.
If you have not received this documents or have misplaced it. Contact your employer or the payroll department to request a copy. They are obligated to provide you with the necessary tax documents. Additionally, it is a good idea to check your payslips regularly throughout the tax year. It could ensure that your tax deductions are correct and that there are no discrepancies in your earnings.