Everything you need to know about your P60
By now everybody who is employed should have received a P60 document. It is compulsory for an employer to provide their employees with this document by the 31st May.
What is a P60?
A P60 is a document that shows the amount a person has earned in a specific tax year, and the amount of deductions that have been made. A tax year runs from the 6th April until the 5th April in the following year.
What is shown on my P60?
A P60 document shows an employee’s taxable earnings in a specific tax year. It will show the amount of deductions taken from pay such as tax, national insurance and student loans, and it will also show whether any statutory payments have been received within the tax year.
Why do I need a P60?
A P60 is very useful if you need to prove your earnings or deductions for a specific tax year. It is a highly recognised document and it can be used for obtaining a mortgage or claiming tax credits, for example.
What do I need to do if my P60 is incorrect?
P60 information can be checked by using your payslips. If your P60 is showing any incorrect information, then please contact your employer and explain why it is incorrect. Your employer can issue you with a new P60, marked as a replacement, or give you a letter which explains the changes to your P60.
I have lost my P60.
If you have lost or mislaid your P60 then please contact your employer and they will issue you with a replacement copy. It is also possible to obtain the details through HMRC personal tax account service.
HMRC personal tax account
HMRC have a facility where individuals can log in to see their individual tax details. The link for this service is https://www.gov.uk/personal-tax-account. Once registered the P60 details can be viewed and checked.
If you would like to discuss this blog in more detail please email Emma Mahoney from our Payroll team, or call 01772 821 021.
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