P60 Form Service - Affotax

At Affotax, we provide a comprehensive service for managing P60 forms, which are essential for employees and employers alike in the UK.

A P60 form is issued by employers to their employees at the end of each tax year, summarising their total pay, tax payments, and other deductions. It serves as proof of income for various purposes, including tax refunds, loan applications, and mortgage requests.

What Is a P60 Form?

So, what is a P60 form? A P60 is an official document provided to UK employees that outlines their earnings and tax payments for the tax year. This form is crucial for employees when they need to demonstrate their income for various situations, such as applying for loans or mortgages, or claiming tax refunds from HMRC.

Key Information Included in a P60 Form

A P60 form UK contains vital information about an employee's financial year, including:

• Employee Information: Personal details of the employee.
• Employer Information: Details about the employer.
• Tax Code: The code indicating the employee’s tax rate.
• Tax Payments and Deductions: A summary of tax contributions and other deductions.
• Total Earnings: Including salary, bonuses, and any taxable benefits.

Who Issues a P60?

Employers are legally required to provide P60 forms to any UK employees who are paid through PAYE (Pay As You Earn). This form P60 must be issued shortly after the end of the tax year, by May 31st each year, and can be provided in either paper or electronic format, often referred to as P60 online.

P60 vs. P45 vs. P11D

It's common to confuse P60s with other tax forms such as P45 and P11D. Here’s a quick overview of the differences:

• P60: Summarises an employee's earnings and tax paid for the entire tax year. Used for loan and mortgage applications or tax refunds.
• P45: Issued when an employee leaves a job, detailing their earnings and tax deductions up to their last day of employment.
• P11D: Reports any benefits and expenses provided to employees that have not been taxed through the payroll system.

Why Is a P60 Important?

A P60 form serves multiple purposes:

• Proof of Income: Essential for loan or mortgage applications, demonstrating reliable earnings.
• Tax Refunds: Useful when claiming tax refunds from HMRC.
• Personal Records: Helps employees maintain accurate records of their income and taxes paid.

How to Obtain a P60 Form

Employees will receive their P60 forms after the end of the tax year, provided by their employer. If an employee is still employed on April 5, they will receive one P60 for each job held at that time. For those who change jobs within the same tax year, the information from the previous employment will be incorporated into their new P60.

If you need to find my P60, simply contact your employer, who is required to keep copies for at least three years. However, previous employers are not obligated to retain records beyond a certain period.

Keeping Your P60 Safe

Both employees and employers must retain P60s for a minimum of six years. This is crucial for tax records and any future reference needed for financial applications.

Contact Us Today

For an efficient and reliable solution to managing P60 forms, trust Affotax. Our expert team is here to assist you with all your P60 needs, ensuring compliance and accuracy in every aspect. Contact us today to learn more about our services and how we can help your business with the P60 form UK.