When you apply for a tax refund, you'll need certain forms in order for everything to run smoothly. These UK tax forms are usually given to you by your employer or sent to HMRC, depending on your circumstances. In this P60 article we provide a quick guide to forms P45, P60 and P11D.
A P45 form is given to you by your employer when you stop working for them. This form shows how much tax you've paid on your salary during the relevant tax year, and determines if you've overpaid tax and are due a refund.
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A P45 has four parts (Part 1, Part 1A, Part 2 and Part 3). Your employer sends Part 1 to HM Revenue & Customs (HMRC) and you hold on to the other parts. You will then give parts two and three to your new employer (or to Job centre Plus if you're unemployed). Part 1A must be kept safe for your own records.
By law, your employer must give you a P45, so make sure you receive one.
Your P60 form can be paper or electronic and shows the tax you've paid on your salary during the tax year (6 April to 5 April). This form is also used to calculate how much tax you paid and needs to be submitted in order to claim back overpaid tax, to apply for tax credits, or to provide proof of your income if you apply for a loan or mortgage.
Your employer needs to send a P11D to HMRC if you receive any 'benefits in kind' (e.g. a company car), and if your earnings including the value of company benefits. The P11D records how much each benefit is worth; you should either receive a copy of the form or a notice of what was recorded and reflected on the form.
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.