A P60 is a form issued to employees showing earnings, tax, and National Insurance contributions of a tax year. It act as a proof of income and tax paid.
A P60 is a form that summarises an Employee's total pay and their tax deductions for a tax year in the United Kingdom. The form also includes information about National Insurance contributions. A P60 is issued to an employee by an employer at the end of every Tax Year.
A P60 is an important document as is serves as proof of earnings and tax payments for an employee. This might be useful when applying for a loan or a mortgage. It could also be useful when filing a Self Assessment. If a P60 is lost, it is possible to request the information that would be on a P60 from HMRC.
An example of a blank P60 from 2023/24 is shown below:
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.Read more
Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.Read more