Definition
An annual certificate issued by employers to employees showing total pay and deductions for the tax year ending 5 April. It summarises all PAYE income tax and National Insurance contributions made during the year.
UK Context
Under the Income Tax (Pay As You Earn) Regulations 2003, employers must provide a P60 to every employee on the payroll on 5 April, by 31 May following the end of the tax year. P60s can be issued electronically with the employee's agreement. Employees need P60s for self-assessment tax returns, mortgage applications, and benefit claims.
Best Practices
- Issue P60s to all eligible employees by the 31 May deadline
- Advise employees to keep their P60s for at least six years for tax records
- Ensure P60 figures reconcile with the final RTI submission for each employee
Frequently Asked Questions
Who receives a P60?
Every employee who is employed and on the payroll on 5 April (the last day of the tax year) must receive a P60 from their employer. Employees who left before 5 April will have received a P45 instead.
What should an employee do if they lose their P60?
Employers are not legally required to issue a duplicate P60, but many will provide a replacement or a written statement of earnings. Employees can also find their tax information through their HMRC personal tax account online.