Did you know that you only have until 31st May to provide your employees with a P60? A P60 is a statement of earnings and deductions for the previous tax year.
The P60 will show the final tax code, the gross earnings, the amount of tax deducted, and employee and employer national insurance contributions made during the year or during the period of employment if the employee started during the tax year. It will also show any Student Loan deductions. The P60 will show the employee’s address and the employer’s name, address and PAYE reference.
The P60 is only provided to employees who were still employed on the last day of the tax year – any employees who left during the year will have been given a P45 which contains similar information to be used by a new employer.
Employees should retain this P60 as it will be needed to complete a Self-Assessment Tax Return if one is due to declare other income. A P60 can be provided electronically if the employee agrees.
Our payroll service sent P60s to all our clients’ employees during April either in advance of or with their April payslip enabling them to start preparing early for their Tax Return.
If you want to ensure you meet your P60 deadline next year without hassle outsourcing your payroll to us will give you peace of mind and guarantee your employer obligations are met.