What is a P60?

A P60 form is a tax form used by HMRC which is issued at the end of each tax year by your employer. A P60 contains exact information about how much you have earned, showing your annual Gross Pay, PAYE (Pay As You Earn) and NIC's (National Insurance Contributions) you have paid during the specified tax year. It is your responsibility to check your P60 and claim back any overpaid tax or report underpaid tax.

We have prepared a suite of P60 tools and guides to help you understand why your P60 is important to you and how, by understanding the information on your P60, you can identify if you have paid the right amount of tax and the steps to follow to get a tax rebate.

The following P60 guides, calculators and tools are designed to allow you to identify if you have paid the right amount of tax and show how to legally reduce your tax bill.

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P60 explained in detail

The P60 form is also known as the End of Year Certificate. It includes how much you've paid in National Insurance contributions and PAYE (Pay as You Return) income tax which means how much tax you have paid on your salary. The employer issues a Form P45 and a Form P60 to an employee when an employee may have been in employment on 31 December and left on that day. Failure to deliver P60s on time may lead to an investigation by HMRC (Her Majesty's Revenue and Custom). If the employee left before 31 December they should not get a P60. It is important to note that those who are self-employed should remember to safely file and archive records for up to six years after the relevant tax year. If the unfortunate scenario does arise where a P60 form is lost or misplaced, it is the responsibility of an employer to source a replacement copy. The P60 form is valid in either a paper or electronic version these days. This form is a part of P14 form which includes three parts:

P14 Part 1: It is sent to the Contributions Office.

P14 Part 2: It is retained by the tax office with which the PAYE scheme is registered.

P14 Part 3: It is P60 form which is issued to the taxpayers.

P60 form plays a vital role for many other reasons:

  • Reclaiming any overpaid Income Tax or National Insurance
  • Applying for anything means-tested, such as tax credits
  • Completing a Self Assessment return
  • Applying for loans or mortgages.

The P60 form is important for a number of reasons, both legal and personal, and if you have no P60 information it can cause considerable problems. If you are employed by more than one company on 5th April, you'll receive separate P60 forms from each employer. P60 form is for current employees. If employee has left a place of work, then employee should receive a P45, and this should be all you need for proof of the tax you've paid whilst you were with that employer. P60 form covers:

  • The name, address National Insurance number and number of the employee.
  • The business's name, address and PAYE reference of the employer.
  • How much the employee was paid during the course of the year
  • How much tax the employee paid during the course of the year
  • What national insurance contributions the employee paid during the year
  • Any student loan deductions made - If the employee has been paying back the government's student loan from their time studying

Since 1st January 2019 form P45 and P60 have been abolished and replaced with an online system. The government online system contains details of pay as well as the income tax, PRSI (Pay Related Social Insurance) and USC (Universal Social Charge) that has been deducted by your employer and paid to HMRC.

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.