What is a P60?
A P60 is a form that explains how much you've earned over the tax year (which runs from 6 April to 5 April the following year). It also includes how much you've paid in National Insurance contributions and Pay As You Earn (PAYE) income tax.
The information on your P60 is drawn from information submitted by:
- you in your self-assessment tax return
- your employer, including bonuses, benefits, the hours you work, your salary
- your pension provider, including total contributions, how regularly you pay into your pension, tax deductions
- and the Department of Work and Pensions, which shares any state benefits you're paid.
What does a P60 look like?
The picture below shows a blank P60 form, and where information will be printed.
Why is a P60 important?
Your P60 form is proof of the tax you've paid for that year. You'll often be asked to provide a copy of your P60 when applying for a mortgage, property rental or other financial service as proof of your salary.
When will I receive my P60?
Once the tax year finishes on 5 April, HMRC will close off your earnings calculations to work out how much tax you should have paid during the financial year.
You should receive your P60 by 31 May at the latest.
What should I check on my P60?
P60 forms are generated automatically by HMRC - and are then sent to your employer - so errors can occur. The onus is on you to check your P60 form against your payslips and make sure everything matches up.
For instance, if you are enrolled in a salary sacrifice scheme and the amount of earnings you receive has changed, you should check that your P60 shows this.
If you have more than one job, you should check that your earnings have been consolidated to show your overall income. You may receive more than one P60 if you have multiple jobs.
You should also check that any personal tax allowances have been applied (e.g. blind person's allowance), and that any business expenses you are claiming are detailed.
Do I get a P60 when I'm retired?
If you receive a state pension or a private pension, your pension provider will deduct any tax you owe before they pay you.
The payments they take will be detailed in a P60, sent to you by your pension provider.
If you get payments from more than one pension provider, HMRC will ask just one to take off the required amount of tax.
Do I get a P60 when I'm self-employed?
If you're self-employed you might not receive a P60, as the form is issued by an employer.
If you don't receive a P60 and need evidence of your earnings - for a mortgage application, for example - you can use an SA302 to shows evidence of earnings from the last four years.
This form can be downloaded from HMRC, but you have to wait 72 hours after you send your tax return to do this.
Who issues a P60?
HMRC generates the information on P60 forms, but your employer or pension provider issues it to you.
If you haven't received a P60, ask your employer to provide one to you.
What if my P60 is wrong?
If you notice a discrepancy on your P60, you should inform HMRC.
Can a P60 be used instead of a P45?
If you're starting a new job, you cannot use a P60 instead of a P45.
If you don't have a P45, you can fill out a 'New starter checklist' form, detailing any other jobs, benefits or student loan.
What if I've lost my P60?
You should try to keep your P60 in a safe place for your records, but if it does get lost, you can request a replacement from your employer.