What is a P60 and when do I get it?
Your P60 shows the tax you’ve paid on your salary in the tax year (6 April to 5 April). You get a separate P60 for each of your jobs. If you’re working for an employer on 5 April they must give you a P60. They must provide this by 31 May, on paper or electronically. You’ll need your P60 to prove how much tax you’ve paid on your salary, for example:
to claim back overpaid tax
to apply for tax credits
as proof of your income if you apply for a loan or a mortgage
For further info https://www.gov.uk/paye-forms-p45-p60-p11d
The information on your P60 is drawn from information submitted by:
you in your self-assessment tax return
your employer, including bonuses, benefits, the hours you work, your salary
your pension provider, including total contributions, how regularly you pay into your pension, tax deductions
and the Department of Work and Pensions, which shares any state benefits you’re paid.
When will I receive my P60?
Once the tax year finishes on 5 April, HMRC will close off your earnings calculations to work out how much tax you should have paid during the financial year.
You should receive your P60 by 31 May at the latest.
Why Your P60 Is Important
Your P60 form is proof of the tax you’ve paid for that year. You’ll often be asked to provide a copy of your P60 when applying for a mortgage, property rental or other financial service as proof of your salary.
Check your P60!
Simply put – errors happen. P60’s are generated from different sources of information by HMRC and then distributed by your employer. But, you are responsible for making sure everything is correct.
Just double check things such as personal tax allowances or any business expenses that have been claimed are detailed on the form.
If you are working more than one job at the 5th April you will have more than one P60. Therefore double check the forms are showing your complete income.
If your P60 is wrong, talk to HMRC to correct it.