Form P60

The P60 is a form issued by your employer at the end of each tax year in the UK.

What is a P60?

A P60 is an important document that provides a summary of your income, tax deductions, and National Insurance contributions for a specific tax year. It is usually issued by your employer at the end of each tax year (April 6th to April 5th) and is a record of your employment for that period. The P60 is a legal requirement and must be given to you by your employer if you were working on the last day of the tax year.

Why is the P60 important?

The P60 is an essential document that serves multiple purposes. Firstly, it provides proof of your income and tax payments for a specific tax year. This can be useful when applying for loans, mortgages, or renting a property, as it allows lenders and landlords to assess your financial situation. Additionally, the P60 is required when completing your annual self-assessment tax return, as it contains important information needed to accurately calculate your tax liability.

Does the P60 feature on my tax return?

Yes, your P60 needs to be included in your tax return. When completing your annual self-assessment tax return, you will be asked to provide information from your P60, such as your total income and tax deducted. Including your P60 ensures that your tax return is accurate and reflects your income and tax payments for the specific tax year.

Do I need to keep my previous years P60’s?

Yes, it is important to keep your P60s for at least six years. This is because HM Revenue and Customs (HMRC) may request to see your P60s as part of a tax audit or investigation. Keeping these documents will help you provide accurate information and evidence of your income and tax payments if required. It is recommended to keep digital copies or physical copies in a secure location for easy access when needed.