What is a P60?

 

 

If you pay tax via PAYE, then you will receive a P60 form at the end of the tax year which shows all of the money you have received (i.e. your taxable salary) and all of the deductions that have been taken over the year.

 

It is strongly recommended that you take care of your P60 as it is a useful document, especially if you change jobs or find yourself in a situation where you need an official document to show how much you earn / how much tax you have paid.

What is a P60 form used for?

 

A P60 is a form used by HMRC at the end of each tax year to provide a total of your earnings and tax contributions. The full name is P60 (End of Year Certificate) and it is effectively an annual statement issued to all PAYE taxpayers.

 

The P60 is actually just one part of a three part tax form called the P14 (End of Year Summary). The three parts of the P14 are:

 

  • P14 Part 1: This is for HMRC and is sent to the Contributions Office.
  • P14 Part 2: This part is retained by the same tax office that your employers PAYE scheme is registered
  • P14 Part 3: The final part is the P60 form that you receive

 

What do you need a P60 for?

 

As well as it being your only official record of yearly earnings and tax contributions, there are other reasons you may need your P60 form. For example:

 

  • If you need to file a Self Assessment tax return
  • When you are applying for a mortgage or tax credits
  • If you are claiming a tax rebate
  • If you have an enquiry about your tax contributions with HMRC

 

The P60 form contains a lot of information, some of which is used to identify you but most of it is the complete record of everything HMRC knows about your income and tax affairs.

 

The personal information includes your name and National Insurance number, as well as your payroll number from work if you have one. Of the income and tax information, the P60 will break down all of your Income Tax and National Insurance contributions over the tax year. It can also show any student loan repayments and any statutory pay (e.g. sick pay) if applicable.

For more details apply online or call 0333 240 6122

Where do I get my P60?

 

Your employer should provide you with a P60 at the end of every tax year – usually within a couple of weeks. The tax year starts on the 6 April and ends on the 5 April the following year, so you should be given your P60 by the start of May.

 

If you have not received your P60 then you can contact HMRC who can send a reminder to your employer to issue it, as only an employer can issue a P60 form for an employee.

 

What if my P60 is wrong?

 

If you think the P60 you have been issued with has the wrong information on it, then you need to act on it immediately. HMRC’s position is that it is your responsibility alone to notice any errors and to get them rectified.

 

The first thing you should do is get in touch with the payroll department at your work to see if they can update the information they have – you may find that you can get a new P60 quite easily.

 

If you think you have paid too much tax, then it is important that you contact HMRC directly to claim a rebate – or get in touch with us today and we will help you make a claim on a no refund, no fee basis…

For more details apply online or call 0333 240 6122