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What’s a P60?

A P60 summarises an employee’s total pay and deductions for the tax year.P60

You need to give all employees on your payroll, who are working for you on the last day of the tax year (5 April), a P60. The deadline for giving out P60s is 31 May. By law, you must give them out by the deadline.

A P60 provides employees with a record of the money they’ve earned over the last tax year as well as what they’ve paid in tax and National Insurance Contributions. It will also show the tax code that was used during the tax year.

Employees should keep their P60 safe in case they are asked to prove their earnings or are asked a question about tax in the future. They may need it to prove earnings when applying for a mortgage, for example.

If an employee loses a P60 you don’t have to issue another one. A statement of earnings should be sufficient.

And if an employee has left your company before the end of the tax year then they won’t need to have a P60 as you’ll have given them a P45.