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P60 Form – What is it?

HMRC delights in giving its never-ending collection of forms cryptic names. The P60 is just one of them, and you’re about to learn everything you need to know about it.

What is a P60?

A P60 is a summary of your pay and all deductions in a specific tax year (that’s 6th April right through to 5th April the following year).

It will detail a variety of information, including:

  • Total pay from all current and previous employments during the previous tax year

  • Total amount of tax deducted via PAYE

  • National Insurance contributions

  • Student loan and statutory payments, such as maternity/paternity pay

Who gets one?

If you’re receiving a salary on 5th April, you should receive one by the 31st May that year. If you run a limited company and draw a salary, you’ll need to issue yourself with a P60. In most cases, your accountant will do this for you.

Why do I need one?

Aside from being a handy record of the amount of tax you’ve paid, the form may be required for a number of other reasons, including:

  • Reclaiming any overpaid Income Tax or National Insurance

  • Applying for anything means-tested, such as tax credits

  • Completing a Self Assessment return

  • Applying for loans or mortgages

What if I have multiple jobs?

If you’re employed by more than one company on 5th April in a given year, you’ll receive separate forms from each.

What are my responsibilities as an employer?

Whether you’re a sole trader or run a limited company, you need to file P60 forms for all employees who are on your books on 5th April each year. The forms must then be provided to your employees by 31st May the same year. The forms can be printed or digital – the choice is yours.

What if I use an umbrella company?

Contractors operating through an umbrella company will receive a P60. Your umbrella company should provide it to you.

Do I need a P60 as a sole trader?

Since you don’t draw a salary as a sole trader, you won’t need to issue yourself with a P60. However, if you have any employees you’ll need to issue these forms to them. And if you receive a salary from other sources, you should get a P60 from your employer(s).

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