What is a p60 – If you work in the UK, you may have heard of a P60. But what is a P60 and why is it important? In this article, we will explain what a P60 is, how you can get one, and what you can use it for.
Contents
What is a P60?
A P60 is a document that shows how much money you earned and how much tax you paid in a tax year. A tax year runs from 6 April to 5 April the next year. A P60 is also called an end-of-year certificate because you get it from your employer at the end of the tax year.
A P60 contains information like:
- Your name and National Insurance number
- Â Your gross income (the money you earned before tax and deductions)
- Â Your net income (the money you took home after tax and deductions)
- Â The amount of income tax and National Insurance you paid
- Â The amount of any statutory pay you received (such as maternity or sick pay)
- Â The amount of any student loan repayments you made
How do you get a P60?
You should receive a P60 from your employer by 31 May after the end of the tax year. You should get a P60 from each employer if you have more than one job. You can ask your employer for one if you do not receive a P60.
You can also get your P60 information online by creating a personal tax account on the HMRC website. You can use your personal tax account to check your tax code, claim a tax refund, update your details, and more.
What can you use a P60 for?
A P60 is a useful document to keep for several reasons. You can use a P60 to:
- Check if you paid the right amount of tax and claim a tax refund if you overpaid
- Â Apply for tax credits or other benefits
- Â Prove your income for a mortgage, loan, or rental application
- Â Fill in a self-assessment tax return if you have other sources of income
- Â Keep a record of your earnings and tax status for at least four years
Why do you need a P60?
A P60 is a document that shows how much money you earned and how much tax you paid in a tax year in the UK. You need a P60 to:
- Check if you paid the right amount of tax and claim a refund if you overpaid
- Â Apply for tax credits or other benefits
- Â Prove your income for a loan or a mortgage
- Â Fill in a self-assessment tax return if you have other sources of income
- Â Keep a record of your earnings and tax status for at least four years.
What if you lose your P60?
If you lose your P60, you can try to get a replacement or an alternative from your employer or from HMRC. Here are some steps you can take:
- Ask your employer for a copy of your P60. They are required to keep these on record for three years.
- Â If your employer cannot give you a copy, you can use your personal tax account on the HMRC website to view or print the information that was on your P60.
- Â You can also contact HMRC directly and ask for the information that was on your P60.
Conclusion
A P60 is a document that shows how much money you earned and how much tax you paid in a tax year. It is important to get a P60 from your employer and keep it safe. You can use a P60 to check your tax, claim a refund, apply for credit, and more. If you have any questions about your P60 or your tax, you can contact HMRC or speak to a professional adviser.
Hope this article has everything related to “what is a P60 and more that you want to know.
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