To get an overview of your income and the tax you have paid on that income within a financial year, you should consult your P60 form. A P60 form will specifically look at your income and taxation from one tax year i.e. April 6th to April 5th the following year. These forms are valuable records of the tax you have paid in relation to your income. They are also useful to claim back overpaid tax, complete self-assessment forms if you are also self-employed, or to apply for mortgages.
- The P60 form will offer a combination of personal financial information, including:
- Your total payments from all your past and current employment within the single tax year.
- The tax you have paid on your income via Pay as You Earn (PAYE)within the tax year
- The total amount of National Insurance (NI) contributions that you have made with the specified tax year
- Any other payments you may have made from your income such as student loan repayments, and paternity/maternity pay.
Who Gets a P60?
Anyone who receives a wage within the tax year will receive a P60 form after that tax year has ended. If you have multiple jobs at the end of the tax year, you will receive a P60 from each company as they both have the responsibility in issuing all employees a P60 form. Those that take a salary from a limited company must produce a P60 for yourself. In most scenarios, this task is taken care of by the company’s accountant. Sole traders do not need to issue themselves a P60 but they will however need to provide any employees with P60 form.
If you need help with PAYE or P60 Form or Payroll compliance please contact The Accountancy Solutions on 01216297768 or 02070784001 for further advice. We are accountants, specialist in PAYE Compliance.