A P60 is a document that you will receive from your employer at the end of every tax year.
The tax year runs from April 6th to April the 5th every year.
P60s will normally get sent out a few weeks after the end of the tax year, no later than May 31st.
Your P60 outlines the amount of money you have earned in the tax year as well as the amount of tax you have paid. It does look a bit confusing, but the main figures you need to pay attention to are your total pay and total tax.
As your P60 is a record of the money that you earned and the amount you paid in tax the previous year, it’s good to keep it safe. You don’t need to give it to your new employer if you start a new job like you would with a P45, but there are a few situations where it can be very helpful, such as:
- Applying for a loan
- Applying for a mortgage
- If you’re questioned on the amount of tax you have paid
A quick note, if you have changed jobs part way through the tax year your P60 should also include information from your previous employment. If it doesn’t then your P45, the document you received when you left your previous job, will have the same information as your P60 for that period.