What is a P60 Form? Your Essential Guide to Understanding Your End-of-Year Tax Summary
Understand your P60 form: Our guide explains the details, why it's important for tax refunds and mortgages, and what to do if it's wrong or lost.
Each year, after the tax year ends on April 5th, millions of employees across the UK receive a P60 form from their employer. It’s a document packed with important figures and codes, but it can often be filed away without a second glance. However, understanding your P60 is a crucial part of managing your financial health.
At Plouta, we believe that demystifying financial documents is a key step towards achieving financial freedom. This guide will explain exactly what a P60 is, how to decode the information it contains, why it's so important, and what actions you should take to ensure its accuracy.
What you will learn in this guide: ⤵
What a P60 Is: A clear definition and its primary purpose.
Decoding Your P60: A section-by-section breakdown of the information it shows.
P60 vs. P45: Understanding the key differences.
Why Your P60 is Important: The critical reasons you need to keep it safe.
Checking for Accuracy: What to look for and what to do if you spot an error.
Lost P60s: How to get the information if you can't find your form.
FAQs: Answering your most common questions about the P60.
What is a P60 'End of Year Certificate'?
A P60 is an official statement, issued by your employer, that summarises your total pay and the deductions made during a single tax year (from 6th April to 5th April).
Essentially, it’s an annual summary of your earnings and the tax and National Insurance you've paid through the PAYE (Pay As You Earn) system for that specific job.
Who gets a P60? If you are employed by a company on the last day of the tax year (5th April), your employer is legally required to give you a P60.
When do you get it? Your employer must provide you with your P60 by 31st May each year, following the end of the tax year. This can be a paper copy or provided electronically.
If you have more than one job, you will receive a separate P60 from each employer. Self-employed individuals do not receive a P60; their income is declared via Self Assessment.
Decoding Your P60: What Information Does It Contain?
Your P60 form brings together all the figures from your payslips for that tax year. Here’s what you’ll typically find:
Your Personal Details: Your full name and National Insurance (NI) number.
Employer Details: Your employer's name and their PAYE reference number.
The Tax Year: The period the summary covers (e.g., 6 April 2024 to 5 April 2025).
Total Pay for the Year: This shows your gross earnings from this employment before any deductions.
Income Tax Paid: The total amount of Income Tax that was deducted from your salary during the year.
National Insurance Contributions (NICs): A breakdown of the NI contributions you've paid across different earnings thresholds.
Final Tax Code: The tax code that was used for your last payday of the tax year.
Statutory Payments: Details of any statutory pay you may have received, such as Statutory Maternity, Paternity, Adoption, or Sick Pay.
Student Loan Repayments: The total amount of student loan repayments deducted through your salary, if applicable.
P60 vs. P45: What’s the Difference?
This is a common point of confusion.
A P60 is a summary for a whole tax year from an employer you are with on the final day (5th April).
A P45 is a form you get when you leave a job. It shows your pay and tax details from the start of the tax year up to your leaving date. You then give this to your new employer so they can put you on the correct tax code.
You cannot use a P60 instead of a P45 when starting a new job.
Why Your P60 is an Important Financial Document
Don’t just file it away! Your P60 is a vital document you should keep safe for several reasons:
Proof of Income: It is one of the key documents required when applying for a mortgage, loan, or credit card, as it officially verifies your annual earnings to lenders.
Claiming a Tax Refund: If you think you've overpaid tax, your P60 provides the summary figures needed to check your position and make a claim from HMRC.
Applying for Tax Credits: If you apply for benefits like Universal Credit or Tax Credits, you'll need the income information from your P60.
Completing a Self Assessment Tax Return: If you need to file a tax return (for example, if you have other income to declare), the P60 provides the essential figures for the 'Employment' section.
Checking Your Tax Position: It allows you to check that the total tax and NI you’ve paid for the year seems correct against your total earnings.
Plouta Tip: It's generally recommended to keep your P60s for at least four years, although keeping them for six years is even safer in case HMRC has any queries about your tax affairs.
Checking Your P60 for Accuracy: A Vital Financial Health Check
Mistakes can happen, and it's your responsibility to check your P60. Here’s what to look for:
Personal Details: Are your name and National Insurance number correct?
Match the Figures: Compare the "Total Pay for the Year" and "Income Tax Paid" figures with your final payslip for that tax year (usually your March payslip). They should match.
Check Your Tax Code: Does the final tax code look right for your circumstances?
Previous Employment: If you started the job part-way through the tax year, the P60 should include the figures from your previous employment in that same tax year (which your new employer would have got from your P45). Check the "Pay and tax in previous employment" section.
What to do if you spot an error? Contact your employer's HR or payroll department immediately. They can investigate and issue a corrected P60 if necessary. A reissued form should be clearly marked as a 'replacement'.
What If You've Lost Your P60?
Don't panic if you can't find your P60. Here's what to do:
Ask Your Employer: Your current employer should be your first port of call. They can usually provide you with a duplicate copy, either digitally or on paper. They are legally required to keep payroll records for three years.
Use Your Personal Tax Account: If you can't get a copy from your employer, you can get the information you need from your Personal Tax Account on the GOV.UK website. The "Pay As You Earn" section will show your income and tax details for each tax year.
Contact HMRC: As a last resort, you can contact HMRC by phone and ask for a "Statement of Earnings" for a particular tax year. This will contain the same figures as your P60, though it's not a direct replacement form.
HMRC itself does not issue replacement P60s.
Frequently Asked Questions (FAQs) about the P60
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No. A P60 is only for income taxed via the PAYE system. If you're solely self-employed, you report your income via a Self Assessment tax return. If you are employed and self-employed, you'll get a P60 from your employer and will need its figures to help complete your tax return.
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If you receive income from a private or company pension, your pension provider acts like an employer and will issue you a P60 each year summarising the pension paid and tax deducted. However, you do not receive a P60 for your State Pension, as it is paid to you gross (without tax being deducted at source).
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You should contact your employer's payroll department to ask for it. It is a legal requirement for them to provide it to you.
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This is very rare but could happen if you were due a tax refund and your employer processed it through your payroll in the final pay period of the tax year.
Key Takeaways: Your P60 at a Glance
It's Your Annual Tax Summary: A P60 is an official document from your employer showing the total salary you were paid and the total tax and National Insurance you paid in a single tax year (6th April to 5th April).
Issued by 31st May: If you are employed on the last day of the tax year (5th April), your employer must give you a P60 by 31st May. You'll get one from each employer if you have multiple jobs.
Crucial Proof of Income: Your P60 is essential evidence of your earnings when applying for a mortgage, loan, or other forms of credit.
Check It for Accuracy: It is your responsibility to check that the details on your P60 (pay, tax, NI number) are correct. Compare it with your final payslip for the tax year.
Essential for Tax Returns & Refunds: The figures are needed if you file a Self Assessment tax return or if you need to claim a tax refund from HMRC.
P60 vs. P45: A P60 is an annual summary for a completed tax year. A P45 is a form you get when you leave a job.
Keep It Safe: It's recommended to keep your P60s for at least four to six years. If you lose it, your employer can issue a duplicate, or you can find the figures in your online Personal Tax Account.
Conclusion: Your Annual Financial Snapshot
Your P60 is more than just a piece of administrative paperwork; it's a vital summary of your financial year, a key proof of income, and your first line of defence in ensuring you've paid the right amount of tax.
Taking a few minutes to check it carefully each year is a simple but powerful step in managing your finances. By understanding the figures, you empower yourself to spot errors, claim back any overpaid tax, and plan for your future with greater clarity and confidence.
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Disclaimer: This article provides general information about UK P60 forms and is for informational and educational purposes only. It is based on information available as of June 2025. Tax laws and HMRC procedures can change. This information does not constitute tax or financial advice. Always refer to the official GOV.UK website or consult with a qualified accountant or tax advisor if you are unsure about your specific tax situation.