P60 is a form used by HMRC (Her Majesty’s Revenue and Customs) to record the amount of tax you have paid. It has to be issued by employers to each employee at the end of each tax year.
As an employer it is important to remember that you need to file a P60 form for every employee who is employed on the 5th of April. P60 can be printed or digital and must be provided by the 31st of May the same year.
As an employee it is important to note that if you have been employed by more than one company on the 5th of April, you’ll receive a separate P60 form from each employer. The form is a record of the amount of tax a person has paid. Employees should never destroy or lose their P60 form, because it is necessary for:
- Reclaiming any overpaid Income Tax or National Insurance
- Completing a Self-Assessment return
- Applying for mortgages or loans
A P60 will contain:
- The total pay of the employee from all current and previous employments during the previous year
- Total amount of tax deducted via PAYE (Pay As You Earn)
- Total National Insurance contributions
- Student loan and statutory payments
If you need any help with the forms we are here to assist you.
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