P60s are important documents that employers give to each of their employees every year. These documents show how much money each of the employees has made and how much tax and National Insurance they’ve paid. Read on for more information about P60s and what you need them for.
- What is a P60 end of year certificate?
- Why do I need it?
- Who issues a P60?
- How do I get my P60 and can I view it online?
- What if my P60 is wrong?
- What if I have lost it?
What is a P60 end of year certificate?
This certificate shows how much tax you have paid. Your employer will give you your P60 at the end of the financial year and no later than 31 May. This will ensure you can complete a tax return if you need to or make a claim for repayment of tax.
If you have left a job during a tax year, your necessary information will be found on your P45 rather than a P60.
Why do I need a P60?
A P60 form can help you to
- File a tax return – This is important if you are self-employed.
- Apply for tax credits – This could boost your monthly or weekly income.
- Apply for a mortgage – This is to show the mortgage company how much you earn.
- Get a tax rebate claim – This is to show that you might have paid too much tax.
- Show HMRC that you have worked in the last year – This is to ensure that you pay the correct amount of tax each year.
If you are self-employed in addition to having a job, your P60 will help you and HMRC to see how much you’ve earned from paid employment. This will help them to work out how much tax you need to pay.
You can also find a P60 form useful if you wish to know your National Insurance number, how much tax you have paid, or how many National Insurance Contributions you have paid.
Who issues a P60?
Your employer will issue you with a P60. They will need to issue you it on paper or electronically by 31st May.
The tax year (at the time of writing) is 2019/2020. You should receive your next P60 by 31st May 2020. This document will give you details of your earnings etc from the tax year 2018/2019.
As long as you keep working for an employer, you should keep receiving a P60 form every year.
How do I get my P60 and can I view it online?
Your employer will give you your P60 at the end of every tax year. If you have left your old job or you’re about to start a new one you won’t need it. However, you will need your P45. This will show you how much money you paid in tax over the last year. This is useful as it means you can show how much tax you have paid.
If you need to keep your P60 secure, you might wish to print the form out and keep it in a safe place such as a filing cabinet. You can ask your employer to send you an electronic copy as they are much harder to use.
What if my P60 is wrong?
If you think the information on your P60 form is incorrect you should tell your employer. They might contact HMRC on your behalf. However, you might also wish to contact HMRC yourself and let them know. They might ask you questions about your employment and your earnings. Please make sure you give them as much information as you can, so they can make sure your next P60 is correct.
It might also help you to work out where HMRC or your employer has gone wrong. This is important if you think you have paid too much tax.
What if I have lost my P60?
If you have lost it, do not worry. Your employer is legally required to keep your P60 for 3 years. You can, therefore, ask them for another copy of it. Please note, the document they hand you will have the word ‘Duplicate’ written on it. If you need a P60 that goes back more than 3 years, your employer might be able to help you. However, you might need to ask them for a Statement of Earnings. If your employer does not give you a copy of your P60 form, then you can ask HMRC. Please note, your employer is not obliged to give you a copy. Once you have received a copy, please make sure you keep it safe. Keep it in a filing cabinet, in a safe or scan it and keep a copy online.
As you can see, a P60 is an important document. It’s a good idea for you to keep it safe as you could need it for future reference.