A P60 form is a crucial document summarizing your total earnings and tax contributions for a tax year. Issued by employers after the tax year ends (on April 5th), this form provides proof of income and tax paid, helping employees manage their tax and financial records.

What is a P60 Form?
A P60 form is an end-of-year certificate issued to employees on the payroll at the end of the tax year. Employers must provide it by May 31st, either in paper or digital format.

If you work multiple jobs, each employer must issue a separate P60. However, self-employed individuals do not receive P60 forms, as they use Self-Assessment tax returns to report earnings.

Key Information on a P60
A P60 contains:

Personal Details: Name, address, National Insurance number, and employer information.
Pay & Tax Details: Total income and tax deducted during the year.
National Insurance Contributions: Including breakdowns above thresholds like the Lower Earnings Limit (LEL).
Statutory Payments: Includes statutory maternity, paternity, or sick pay.
Other Deductions: Student loan repayments and pension contributions.
Final Pay Figures: Useful for personal financial records.
Why is a P60 Important?
Your P60 serves several purposes, such as:

Tax Accuracy: Ensures you’ve paid the correct amount of tax.
Proof of Income: Essential for loan or mortgage applications.
Tax Refund Claims: Helps claim overpaid taxes.
Financial Planning: Provides a clear overview of earnings and deductions.
Employment Verification: Acts as proof of employment and income.
Historical Record: Keeping P60s helps track your financial history.
What to Do if You Lose Your P60
If you lose your P60, you can:

Request a replacement from your employer.
Check your online payroll portal.
Contact HMRC for the information.
Use your final payslip of the tax year as a temporary substitute.
P60 vs. P45
P60: Annual summary of total earnings and tax deductions for the year.
P45: Issued when you leave a job, showing income and tax details up to your leaving date.
Employers’ Responsibilities
Employers must issue P60s to all employees by May 31st and maintain records for at least three years. Payroll software is typically used to generate these forms, ensuring accuracy and compliance with HMRC regulations.

Expert Payroll Services
At DNS Accountants, we provide professional payroll services, including P60 generation and compliance support. Let our team handle your payroll needs, ensuring efficiency and accuracy.

Contact us today at 033 0088 3616, email contact@dnsaccountants.co.uk, or book a free consultation.