2024/25 P60 Checklist

A P60 is a form used by HMRC. A P60 is issued at the end of each tax year. A P60 contains exact information about how much you have earned PAYE (Pay As You Earn) and NIC's (National Insurance Contributions) you have paid during the specified tax year.

30 second introduction to P60

It is your responsibility to check your P60 and claim back any overpaid tax or report underpaid tax.

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What you should check on your P60

It is your responsibility to check your P60 is correct. Any errors on your P60 may mean you are due a tax rebate or have to repay additional tax. Check the following areas of your P60 are correct:

  1. Forename and Surname: Check the spellings are correct.
  2. National Insurance Number: Ensure the National Insurance Number shown is your National Insurance Number. National Insurance Contributions payment made will be against this National Insurance Number and will affect your State Pension when you retire.
  3. Works Payroll Number: Check with your Human Resource or Payroll department to ensure you have the correct employee payroll number. This will help when dealing with HMRC enquiries.
  4. Previous Employment Pay: If you have changed jobs it is important that your previous pay is recorded correctly
  5. Pay in this employment: This is how much you have earned with your current employer, ensure it tallies with your annual salary expectation and any overtime etc. It should also be adjusted for any salary sacrifice payments made.
  6. Total pay for the year: This is the sum of earnings in previous and current employment, ensures this figure matches the sum of the two figures above.
  7. Final tax Code: This is your tax code at the tax year end. Typically it will be L followed by a set of numbers. If not you may be on an adjusted tax rate or emergency tax. If you don't expect to be on a special tax code then check your tax code with HMRC.
  8. National Insurance Contributions in this employment: Most employers use payroll software so these figures are normally correct based on your total annual earnings. if your total annual earnings are wrong then these figures will also be incorrect and you may be due a National Insurance Contributions refund/additional payment.
  9. Employee Details: This should show your full name and address, check it is correct. If your address is wrong, inform your Human Resource / Payroll department

Checking that your P60 is correct takes just a few minutes and could save you money on overpaid taxes and/or future frustration with HMRC should they pick up on the error in future years.

Want to know more about P60s? Read a more detail guide to your P60

Next: 2024 P60 Healthcheck

Previous: 2024 P60 Explained

Step by Step instructions to File Tax Return Online in the UK

The 31 January tax return deadline for online submissions of self-assessment is approaching faster than you think, though remember that you can file your tax return any time between the end of the tax year in April and the following January.

It's certainly not too late to file your return if you are self-employed, you generate income from property, or you run a small business. And it isn't difficult: unless you have particularly complex needs you don't need an accountant. But you do need to act sooner rather than later.

If you're not sure whether or not you need to file a Self Assessment tax return, HMRC has the full details on who is required to file a return, as well as all the relevant deadlines and penalties for each tax year. As a rough guide though, if you've earned money from self-employed work, renting property, or significant savings or investments, you probably need to file a tax return.

How to register for HMRC Self Assessment online

The first step is to sign up for Self Assessment if you haven't done so already. You'll need a Government Gateway account, but don't worry: you can set up one during the Self Assessment registration. This will also enroll you in the online Self Assessment service.

Be warned, though, the process isn't immediate: HMRC will have to send you both a Unique Taxpayer Reference (UTR) and an online service activation code through the post. It warns this could take as long as 10 days, so you want to get started at least a week or two before the 31 January tax return deadline to make sure you don't miss it.

You'll need your PAYE details if you have them, as well as accounts of money earned and costs incurred. You'll also need your National Insurance number.

Once you have signed up we'd recommend keeping those details handy somewhere.

How to use HMRC Self Assessment online

When it's time to file your tax return online, you want to head straight to HMRC Self Assessment and log in using your Government Gateway ID.

The online system is surprisingly straightforward and easy to use, despite the long-running jokes about the nightmare of filing your taxes, so we won't go into detailed instructions here, though we do have a couple of quick tips.

We find that it is easier to work out incomings and outgoings in advance of logging in to HMRC and have them handy on a text document or spreadsheet. It's also worth noting that all you have to provide are your overall figures for income and expenditure, not a detailed breakdown - though it's definitely worth keeping that for your own records, and in case HMRC have any questions about your return.

If you are an individual filling in a Tax Return with additional earnings on top of your salary, it is always a good idea to keep hold of your P60 and have it at your side, as lots of relevant data is there.

P60 2024: Guides and Tools

iCalculator's P60 Guides and P60 Calculators include detailed information and guidance to help you understand your P60, identify key parts of the P60, explain how your P60 is calculated and what information you need to know and understand about a P60 as an employee and employer. Our aim with the P60 guides is to provide insight into the correct completion of a P60, whether it be an audit as an employer to ensure your end of year certificates are calculating correctly or as an employee to check that you have paid the right amount of income tax and, if not, how to claim any overpaid tax back.