What is P60? Explained: What, Why and How.

A P60, also called the End of Year Certificate, is an important document given to employees in the UK every year. It shows a summary of your total earnings, the tax you’ve paid, and your National Insurance contributions (NICs) for the tax year, which runs from 6 April to 5 April. If you have more than one job, you will get a separate P60 from each employer, giving a clear record of your pay and deductions for that job.

Why do I need my P60?

You need your P60 because it proves your income and tax payments for the year. It’s important for claiming back overpaid tax, applying for tax credits, or providing proof of income when applying for loans or mortgages. The P60 also helps you check that the right amount of tax was taken from your earnings, ensuring your financial records are correct. To report this income, you must register for self-assessment.

How do I get a P60 and when?

If you are paid through PAYE, your employer must give you a P60 by 31 May each year. This document summarises your income and deductions for the tax year, which runs from 6 April to 5 April. If you don’t get your P60 by the end of May, you should contact your employer as soon as possible to request it. Having your P60 is important for checking your tax and for financial purposes like claiming tax refunds or applying for loans.

What information is on my P60?

Your P60 is a comprehensive document containing vital details about your identity and financial situation. In addition to your name, it includes your National Insurance number and payroll numbers, ensuring accuracy in identifying your financial transactions. The core of the P60 comprises a detailed breakdown of your PAYE earnings, delineating the specific amounts deducted for Income Tax and National Insurance Contributions during the tax year. Depending on individual circumstances, additional information may encompass details of Statutory Sick Pay, Maternity Pay, and Student Loan repayments.

Read: Employer Payroll and Staff Benefit Guide 2025

What should you do if your P60 looks incorrect?

If, upon reviewing your P60, you suspect inaccuracies, swift action is essential. Contacting HM Revenue & Customs promptly is crucial to rectify any discrepancies in your financial record. Timely resolution ensures that your reported income and tax contributions align accurately with your financial history.

What’s the difference between a P45 and a P60?

It’s imperative to discern between a P45 and a P60. A P45 is issued upon leaving a job, encapsulating income and tax information up to the point of departure in the tax year. In contrast, a P60 offers a panoramic overview of your entire income and tax situation for the entire tax year. Importantly, a P60 cannot substitute a P45 when commencing a new job. In cases where a P45 is unavailable, employers typically offer alternative forms for new employees to fill out.

Do you get a P60 if you’re self-employed?

P60s are specific to employer-employee relationships; therefore, individuals who are self-employed do not receive a P60. For those venturing into entrepreneurial endeavors, alternative record-keeping mechanisms become imperative for tax-related purposes, emphasizing the necessity of meticulous financial documentation.

P60 Tax Return

If you have overpaid tax during the year, you can use the information on your P60 to claim a tax refund from HMRC. This often applies if you had multiple jobs, changed jobs during the year, or had work-related expenses that qualify for tax relief. To claim your refund, you can submit a request online through the HMRC website or complete a self-assessment tax return if required. Ensure you have all necessary details, including your P60, payslips, and any supporting documents for deductions or expenses. HMRC will process your claim and issue a refund if applicable. Keeping accurate financial records and checking your tax code regularly can help prevent overpayment in the future.