what is a p60

A P60 is a document issued to taxpayers in the United Kingdom and Ireland at the end of a tax year. It is automatically created by HM Revenue and Customs (HMRC) and given to employees or pension providers. The P60 shows how much income an individual has earned and how much tax they have paid over the tax year. It is important to keep the P60 as it forms a vital part of the proof that tax has been paid. Employers must provide their employees with a P60 if they are working for them on 5 April, and they must provide this by 31 May, either on paper or electronically. A P60 can be used for various purposes, such as proof of income for a mortgage application, claiming back overpaid tax from HMRC, or claiming any benefits an individual is entitled to. The P60 is replaced with an Employment Detail Summary in Ireland from 2019 onwards, while it is still in use in the UK.