A P60 is an end-of-year tax summary. Your employer provides it after the tax year ends. The tax year runs from 6 April to 5 April.
This document shows how much you earned and how much tax you paid. It brings together all important figures from the year in one place. As a result, it gives you a clear picture of your income and deductions.
If you have more than one job, you will receive a separate P60 for each role.
What Information a P60 Includes
Your P60 contains both personal and financial details. These details help you track your earnings and tax deductions throughout the year.
It usually includes:
- Your name
- Your National Insurance Number
- Your Payroll Number
- Your total pay for the tax year
- The total tax deducted
- Your tax code
- National Insurance Contributions
- Any previous employment figures
Additionally, some P60s include extra details. They may show statutory payments such as Sick Pay or Maternity Pay.
These figures help you confirm that your employer calculated your pay correctly. They also help you check that the correct tax has been applied.
The Importance of a P60
A P60 acts as official proof of your income and tax paid.
You may need your P60 when you:
- Apply for a mortgage or loan
- Claim a tax refund
- Apply for benefits or tax credits
- Provide income evidence for renting a property
Additionally, lenders and financial institutions rely on your P60 to assess your affordability and position.
You should also keep your P60 for at least four years. This supports any future tax queries or financial checks.
When You Will Receive Your P60
Employers must provide your P60 by 31 May each year. You will receive it if you work from them on 5 April.
Many employers now issues P60s digitally. You may receive it through an online portal or by email. However, some employers still provide paper copies.
If you do not receive your P60 by the end of May, you must contact your employer straight away.
How to Use Your P60
Your P60 supports a range of financial and tax-related tasks. For instance, you can use it when completing a Self Assessment tax return.
It allows you to:
- Report your income accurately
- Confirm how much tax you paid
- Check if you paid too much or too little tax
By reviewing your P60, you can also spot any inconsistencies. This helps you take action before small issues become larger problems.
Incorrect Information
Mistakes can happen, so you should always check your P60 carefully.
If you notiec an error:
- Contact your employer first
- Request a corrected version if needed
- Contact HMRC if the issue remains unresolved
Errors can affect your tax position or delay any refunds you may be due.
In some cases, an incorrect tax code may cause the issue. Therefore, reviewing your tax code can help you identify the source of the problem.
Loosing Your P60
If you lose your P60, do not panic. You still have several ways to access the information.
You can:
- Ask your employer for a replacement copy
- Use your personal tax account online
- Contact HMRC for the relevant details
While you may not receive an exact duplicate, you can still obtain the important figures. These figures allow you to complete any required tasks.
However, it is always best to keep your P60 safe from the start. Storing it securely can save time and effort later.
Do Pensioners Receive a P60?
You may still receive a P60 if you receive a a taxable pension. Your pension provider issues this document each year. It will show how much pension income you received and confirm how much tax has been deducted.
If you receive income from more than one pension provider, you may receive multiple P60s.
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This article is for general informational purposes only and does not constitute legal or financial advice. While we aim to keep our content up to date and accurate, UK tax laws and regulations are subject to change. Please speak to an accountant or tax professional for advice tailored to your individual circumstances. Pi Accountancy accepts no responsibility for any issues arising from reliance on the information provided.