What is P60?

P60

It is an HMRC official form given to employees by employers bearing the following information:

1) Taxable (gross) salary paid

2) Income tax deduction

3) National insurance deduction

4) Other statutory payment details e.g. maternity pay, student loans deductions, or paternity pay

P60 covers one complete tax year. A complete tax year starts on April 6th to April 5th of the following year. Employers are mandated to release this form to their employees not later than 31st of May following the end of the tax year by means of a hard copy or electronically.

Remember, you get a separate P60 for each of your jobs.

P60 is a requirement to claim back overpaid tax, to apply for tax credits or as a proof of your income if you apply for a loan or a mortgage.

You may check how much income tax you paid the previous year through this link:

https://www.gov.uk/check-income-tax-last-year

 

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