With the 31st May deadline tommorow, it is a good idea to take a quick look at your P60.
Financial experts suggest that double-checking this document now can save you a bit of stress later on, especially if you’re planning to apply for a mortgage, update your tax records, or claim benefits.
Every employee who was on payroll at the end of the tax year should receive a P60 from their employer by 31 May.
You might even get more than one, because you’ll receive a separate P60 for each employment.
Think of it as an annual summary that simply shows how much you earned and the total tax you paid over the last year through that employer.
It’s easy to just tuck it away in a drawer, but spending a few minutes reviewing it can be very helpful.
Lee Murphy, Managing Director at The Accountancy Partnership, explains:
“It’s easy to see the P60 as just another piece of paper, but it’s actually one of the most useful financial records you’ll get all year. It’s your official proof of income.“
“If there happens to be a small mistake that goes unnoticed, it might cause a bit of a hiccup later when you’re doing things like applying for a loan or a new home, or if you need to submit a tax return for any income you get on top of your wages.“
Murphy suggests checking the basics: your name, National Insurance number, and making sure your salary and tax paid look correct.
“Just have a quick check to see if the numbers match your final payslips. Occasionally, little errors can crop up in payroll, and it’s much easier to fix them now than a year down the line.”
“It is also a great idea to keep your P60 in a safe space once you’ve checked it.”
“We often hear from people who need a copy for a mortgage application years later and find it tricky to track down. Since lenders and landlords often ask for these to verify your income, keeping a digital scan and a paper copy can be a real lifesaver.“
If 31st May passes and you haven’t seen your P60, don’t worry! Just have a quick chat with your employer.
“If it hasn’t arrived, it’s best not to wait. The sooner you mention it to your workplace, the faster they can get it sorted for you.“
Lastly, it’s worth noting that a P60 is different from a P45.
“You get a P45 when you leave a job, whereas the P60 is your annual summary if you’re still working there at the end of the tax year,” Murphy clarifies. “Staying on top of these documents just makes day-to-day life a little bit smoother.“
