P60 Deadline

As the end of May draws near it is time to ensure employers have issued P60’s. 

All employees on your payroll who are working for you on the last day of the tax year (5 April) should be issued a P60. The P60 summarises their total pay and deductions for the year. 

A P60 should include: 

• tax year 

• employee details 

• employer details and PAYE reference 

• final tax code 

• national insurance (NI) number 

• payroll / works number 

• NIC table letter(s) 

• total pay (current and previous job if in the same tax year) 

• tax deducted 

• national insurance contributions (NICs) 

• statutory payments 

• student / postgraduate loan deductions 

A P60 form can be issued either in physical copy or electronically. Individuals receiving a state or private pension will still receive a P60 from their pension provider, which outlines any taxable income. The significance of a P60 lies in its ability to serve as proof of income received and tax paid. Additionally, there are various situations where a P60 may be required: 

• To claim a tax rebate 

• For benefit claims 

• In loans and mortgage applications 

• To address inquiries with HMRC 

• For filing a self-assessment tax return 

For the tax year 2022/23, the deadline for all employees who were still employed on April 5, 2023, to receive their P60 is 31st May, 2023. Employees who left during the tax year (from April 6, 2022, to April 5, 2023) should receive a P45 form.