P45 Form Service - Affotax

At Affotax, we provide comprehensive information and support for managing P45 forms, essential documents that employees receive when leaving a job. A P45 is critical for ensuring a smooth transition to a new employer, as it contains important tax and payroll information.

What Is a P45?

So, what is a P45? A P45 form is a document issued by an employer to an employee when they leave their job. This form can be provided as either an electronic or paper copy. It contains vital tax and payroll details that the employee must pass on to their new employer, ensuring accurate tax calculations going forward.

The information on the P45 helps the new employer update their payroll system and notify HMRC (Her Majesty's Revenue and Customs) electronically through Real Time Information (RTI).

Key Information Included in a UK P45 Form

A P45 contains essential details such as:

• Employee Identification: Personal details of the employee.
• Taxable Earnings: Total earnings received during the tax year and any tax paid.
• Tax Code: The tax code applicable to the employee.
• Old Employer’s PAYE Reference: The PAYE reference number for the employer.

How to Get a P45

If you’re wondering how to get a P45, when an employee leaves a job, the employer is legally required to issue a P45. If you have not received your P45, you should:

1. Request a P45: Contact your previous employer and ask, "How do I get my P45?" Employers must provide it by law.
2. Complete a Starter Checklist: If you start a new job before receiving your P45, your new employer can provide a starter checklist to ensure proper tax codes are applied until HMRC updates them.

How Long Does It Take to Receive a P45?

Typically, you will receive your P45 form within one or two business days after your final payment has been processed. If the employer has your correct email address, the P45 will be sent electronically. Otherwise, a paper copy may take longer, usually between five to ten working days.

Keeping Your P45 Safe

It is important to keep your P45 for at least six years from the end of the tax year it relates to. HMRC can conduct checks on tax records for up to 20 years, so retaining your P45 can be beneficial in case of any future inquiries.

What If I Lose My P45?

If you misplace your P45, you can obtain a replacement. The process varies based on your employment situation:

• UK Limited Companies or Partnerships: Contact HMRC for guidance on how to get a new P45.
• Sole Traders: Reach out to HMRC and explain your situation, providing any necessary documentation, such as payslips, to assist in the replacement process.

Conclusion

At Affotax, we understand the importance of the P45 form in managing your tax affairs smoothly. If you have any questions about your P45 or need assistance with obtaining or replacing one, our expert team is here to help. Contact us today for reliable support and information regarding how to get a P45 and all your P45 form needs.