With the tax year ending at the start of April, and a new one beginning straight after, many people will soon receive their P60 form.
But, er, what is this form exactly? Why do you need it, and how can you make sure your get yours?
Fortunately, of all the complicated tax-related stuff out there, the purpose of a P60 is relatively straightforward.
Here’s what you need to know.
What is a P60 form?
A P60 End of Year Certificate is a tax form that employed people receive at the end of the financial year.
The 2021/2022 financial year or ‘tax year’ ended on April 5, and the 2022/2023 financial year began on April 6.
All the form does is show how much money you’ve earned, how much tax you’ve paid to HM Revenue and Customs (HMRC), plus how much your National Insurance (NI) contributions have been for the year.
If you have one job, you should only receive one P60 per year. If you have multiple jobs, then you should receive a P60 from each of your employers.
It’s different to a P45 form, which you get when you leave a job for any reason – and shows how much you’ve earned and paid in tax and NI for that financial year so far.
How can you get your P60 form?
Basically, you don’t need to do anything to get your P60 under usual circumstances.
Your employer will send you one by May 31. It’ll either be online or arrive via post. If you don’t receive one, you can ask payroll or HR to send it over for your records.
The P60 might be needed down the line, for example if you need to provide proof that you’ve overpaid tax and are due a refund.
Or, for example, if you are applying for a mortgage or loan. You’ll probably need your P60 to prove your income.
And if you’re self-employed, you won’t get a P60 at all, so you don’t need to worry about it.
If you need to, you can see how much tax you’ve paid on your HMRC personal tax account (online) – or request any information you need about your income or tax payments from HMRC (by phone).
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