p 60 Explained
p60 Explained
p 60 Explained
A p60 form is a form that every employer must provide to their employees at the end of every tax year. A typical tax year starts from April 6th to April 5th of the following year. A p 60 form serves as a proof of employee’s final tax code and shows their total earnings (income/pension) along with the tax and National insurance contributions made by the person throughout the year.
A typical p 60 form consists of information on the following:
- Person' Income for the tax year
- Person's national insurance number
- The amount paid in tax in the tax year
- Some other additional information
Note that you may be handed more than two p 60 forms in case you switch to another job when you are still only half-way through the tax year. By law, every employer is bound to provide a p 60 form to every single employee that works for them. A p 60 form is a very useful document and therefore should be kept safe. In case you lose your p 60 form and want to claim a tax refund, you can always ask your employer to issue you a statement of earnings which can be used a very suitable substitute for your lost p 60 form.
People often confuse p60 forms with p 45 forms. Please bear in mind that when in employment, you will receive your p 60 form every year from your employer (most probably in April) whereas you will be only given a p 45 form when you quit your job i.e. resign from your workplace.
This website will serve as your ultimate guide for information regarding the P60.
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