P60 End of Year Certificate

Description

P60 End of Year Certificate

The UK P60 end of year certificate is a document that summarises an individual’s total income, tax paid, and other deductions made in a tax year, which runs from 6 April to 5 April the following year. It is provided to employees by their employers at the end of the tax year.

The purpose of the P60 form is to provide individuals with a statement of their total income and tax paid for the year, which they may need for a variety of purposes, such as applying for credit or claiming tax refunds. The P60 is also important because it shows an individual’s National Insurance contributions, which can impact their eligibility for certain benefits or pensions.

Employers are required to issue P60s to all employees who were employed on the last day of the tax year. The form must be provided to employees no later than 31 May following the end of the tax year.

The P60 form contains various pieces of information, including the individual’s name, address, National Insurance number, and tax code. It also shows the total amount of income earned and the total amount of tax and National Insurance contributions paid for the year. If an individual has made any pension contributions or has been provided with any benefits in kind, such as a company car, these will also be included on the P60.

It is important for individuals to review their P60 carefully to ensure that all the information is correct. If there are any errors or omissions, they should notify their employer as soon as possible so that the necessary corrections can be made.

In summary, the P60 form is an important end-of-year statement that provides individuals with a summary of their income, tax paid, and other deductions for the tax year. It is an important document that should be reviewed carefully to ensure that all the information is correct.

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