Everything You Need to Know About P60s
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A P60 is an end-of-year tax summary issued to employees and anyone paid through PAYE. It shows how much someone earned and how much tax they paid during the previous tax year, which runs from 6 April to 5 April.
If you’ve recently received a P60, or you’re responsible for issuing them to employees, you might have questions about the P60 process.
In this guide, we’ll explain what a P60 shows, when it should be issued, how to access one, what to check and what to do if something doesn’t look right.
If you’re completely new to the topic, start by reading our guide to what a P60 is and why employers issue them.
Understanding P60s
Why do I need a P60?
In many cases, you won’t need to do anything immediately when you receive your P60. It’s mainly there as a year-end record of your pay and tax.
That said, it’s worth keeping hold of it. You may need your P60 for a mortgage application, tax refund, self-assessment return or simply to keep your records up to date.
For employers, company directors or contractors working through a limited company, a P60 is also an important part of keeping payroll and tax records accurate.
How can I get a P60?
You don’t need to apply for a P60. Your employer should provide you with a P60 automatically if you were employed by them on 5 April.
You might receive it by post, email or through a payroll, HR or accounting system. Most P60s can also be accessed through an online portal so you can download a PDF copy.
If you’ve lost your P60, contact the employer first. They don’t have to issue a replacement, but many will provide a copy or a statement of earnings.
When will I receive my P60?
Employers must issue P60S by 31 May after the end of the tax year. Because the tax year ends on 5 April, most people will receive their P60 during April or May.
If you haven’t received anything by the end of May, contact your employer or payroll provider. If you left a job before 5 April, you’ll usually receive a P45 instead, which covers your pay and tax up to your leaving date.
For employers, the 31 May deadline is also a useful reminder to check payroll records before year-end documents are issued. This is especially important if there have been new starters, leavers, tax code changes or salary adjustments during the year.
For business owners, a reliable payroll process makes this easier. Mollan & Co’s payroll services can help keep payroll accurate, compliant and easier to manage throughout the year.
Checking your P60
What does my P60 show?
A P60 includes several key details, including:
- Your employer’s details
- Your National Insurance number
- Your PAYE tax code
- Total pay for the tax year
- Income tax deducted
- National Insurance contributions
- Student loan deductions, if relevant
It might also show pension contributions or statutory payments, depending on your circumstances.
Once you receive your P60, the main things to check are:
- Total pay: Your yearly earnings before deductions
- Tax deducted: How much income tax was taken through PAYE
- National Insurance contributions: What you paid during the tax year
- Tax code: HMRC uses this to work out how much tax should be taken from your pay. If it’s wrong, you could end up paying too much or too little.
What should I do if my P60 is wrong?
If something on the form looks wrong, don’t ignore it.
Common issues include:
- Incorrect pay figures
- Wrong tax deducted
- Incorrect personal details
- Missing employer information
- Duplicate employment records
- An unexpected tax code
Tax code errors usually occur if you’ve changed jobs, HMRC has outdated information, you received employee benefits, you’ve been put on an emergency tax code, had more than one job, or started freelance or contract work alongside employment.
A wrong PAYE code can sometimes mean too much tax has been paid. It can also mean tax is still owed, so it’s worth checking rather than guessing.
If something doesn’t look right, compare your P60 with your final payslip for the tax year. Then ask your employer or accountant to check the figures against payslips and payroll records. If the issue relates to a tax code, you might need to contact HMRC.
For employers, P60 queries can be a sign to review payroll processes. A small year-end error can create unnecessary confusion for staff and extra admin for the business.
Using Your P60 for Tax Returns, Refunds and Record Keeping
Can I use my P60 to claim a tax refund?
Yes, a P60 can help you check whether too much tax has been paid.
This can happen if you were on an emergency tax code, changed jobs, had more than one job, your income changed during the year, or your tax code was incorrect.
The form gives HMRC a clear record of annual pay and deductions, so it’s often useful when reviewing a potential refund or rebate.
If you think you may have paid too much, check your HMRC account or speak to an accountant who can look at the figures properly.
How does a P60 help with self-assessment?
If you complete a Self-Assessment tax return, your P60 may be one of the documents you need.
This is especially relevant if you have employment income as well as other income, such as dividends, rental income, pension income, contractor income or income from more than one job.
Your P60 helps confirm the pay and tax already dealt with through PAYE. That means it can reduce the risk of duplicating income, missing tax already paid, or entering figures incorrectly on your return.
How long should I keep my P60?
As a general rule, keep your P60 for at least 22 months after the end of the tax year.
Many people choose to keep it for longer, especially if they complete Self-Assessment tax returns, run a limited company, need proof of income, apply for mortgages or want a clear record of previous employment income.
Digital copies make this much easier. Store them somewhere secure with your other tax and financial records.
What P60s Mean for Employers, Directors and Self-Employed People
Do I need to issue P60s as an employer?
Yes. If you employ staff and they were still working for you on 5 April, you’ll need to provide them with a P60 by 31 May.
This is more than a year-end admin task. P60s help confirm that payroll records are accurate, tax has been deducted correctly, and employees have the information they need for their own records.
Before issuing them, it’s worth checking for common payroll issues such as incorrect personal details, tax code updates, salary changes, statutory payments, pension deductions or benefits that may affect the employee’s wider tax position.
Do company directors get a P60?
Company directors may receive a P60 if they’re paid through PAYE. This is common for directors who take a salary from their limited companies.
The P60 will show salary paid through payroll and tax deducted through PAYE, but it won’t show dividends. Dividends are recorded separately and may need to be included on a Self-Assessment tax return.
If you’re a director, your P60 is only one part of your full tax position. Benefits, pension contributions, director’s loan activity or income from other sources may also need to be considered.
Do self-employed people get a P60?
Usually, no.
P60s are issued to employees paid through PAYE. If you’re fully self-employed and submit a Self-Assessment tax return, you generally won’t receive one.
You might still have a P60 if you were employed for part of the tax year, receive pension income through PAYE, or run a limited company and pay yourself a salary as a director.
Someone can be self-employed, employed, and a company director in the same tax year. In those cases, keeping the right records matters because different types of income are reported in different ways.
Need Help With P60s, Payroll, or Your Tax Position?
P60s can raise useful questions, especially if you’re a company director, contractor, employer or business owner trying to keep your payroll and tax records in order.
Maybe you’ve received a P60 and something doesn’t look right. Maybe you’re trying to work out whether you’re due a tax refund. Or perhaps you’re an employer who wants to make sure year-end payroll is handled properly.
At Mollan & Co, we help contractors, directors, landlords, small businesses and individuals across York and the wider UK stay on top of tax, payroll, and year-end records.
Whether you need help issuing P60s, checking payroll records, preparing a Self-Assessment return or reviewing your wider tax position, we’re here to help.
Get in touch with Mollan & Co today to book a free, no-obligation consultation.
Author ProfileI'm the owner and Managing Director of Mollan & Co Accountants. I'm a skilled and efficient accountant with more than 20 years of experience in the industry.
I developed valuable skills in business and commercialisation through my work in the science and technology departments within the Scottish University sector. Then, in 2001, I formed my own internet-based marketing company, producing and distributing 360° virtual reality tours for the Scottish tourism sector.
I now use my commercial skills, expert tax knowledge and first-hand experience to help other businesses grow and flourish through strong accounting practice.
Our success at Mollan & Co is directly related to the success of our clients.
