A P60 is a crucial document provided by employers to their employees. If you’re working for an employer on 5 April, they are obliged to provide you with a P60 by 31st May, either in paper form or electronically.
This document serves as evidence of the amount of salary you’ve earned, and the tax you’ve paid on it throughout the tax year. It is instrumental for various purposes, including reclaiming overpaid tax, applying for tax credits, and proving your income when seeking a loan or mortgage. It is also the figure used for self assessment purposes and will be requested by your accountant when preparing your tax return.
Make sure to retain your P60 as it plays a vital role in financial transactions and HMRC, providing a comprehensive record of your earnings and tax contributions during the tax year.