With the tax year ending in early April and a new one beginning right after, many people will soon receive their P60 form.
But uh, what is this shape exactly? Why do you need it and how can you make sure you get yours?
Fortunately, the purpose of a P60 is relatively straightforward of all the complicated tax-related things out there.
Here’s what you need to know.
What is a P60 form?
A P60 graduation certificate is a tax form that employees receive at the end of financial year.
The financial year 2021/2022 or the ‘tax year’ ended on 5 April, and the financial year 2022/2023 began on 6 April.
The only thing the form does is show how much money you have earned, how much tax you have paid to HM Revenue and Customs (HMRC), plus how much your National Insurance (NI) contributions have been for the year.
If you have one job, you should only receive one P60 a year. If you have multiple jobs, you should receive a P60 from each of your employers.
It’s different from a P45 form that you get when you leave a job for some reason – and shows how much you have earned and paid in tax and NI for that financial year so far.
How can you get your P60 form?
Basically, you do not need to do anything to get your P60 under normal circumstances.
Your employer will send you one before May 31st. It will either be online or arrive by mail. If you do not receive one, you can ask salary or HR to send it to your journal.
P60 may be needed later, for example if you need to provide proof that you have paid too much tax and need to be refunded.
Or for example if you are applying for a mortgage or loan. You will probably need to use your P60 to prove your income.
And if you’m self-employed, you do not get a P60 at all, so you do not have to worry about it.
If you need it, you can see how much tax you have paid on yours HMRC personal tax account (online) – or request any information you need about your income or tax payments from HMRC (by phone).
MORE: How to claim the tax rebate and when to get it
MORE: Rishi Sunak’s billionaire wife ‘saves millions on UK non-judgmental taxes’
MORE: These five kitchen appliances are the worst for your energy bills
Follow Metro across our social channels, on Facebook, Twitter and Instagram
Share your views in the comments below