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A P60 is a document that shows how much you earned over the course of the tax year (which runs from 6th April to 5th April the following year). It also shows you how much you paid in National Insurance contributions, as well as PAYE income tax to HMRC.
The information detailed on your P60 comes from:
A P60 is essentially a way of showing the amount of tax you’ve paid for the year and a form of proof of your salary. You might need it if you’re applying for a mortgage, loan, or if you’re leasing a rental property.
It’s also handy to have in case you have any tax disputes with HMRC, or if you’re filing a Self Assessment tax return.
Because P60s are automatically generated by HMRC and then your employer, mistakes can happen. That’s why it’s so important to make sure you check that everything on your P60 matches up with your payslips.
For example, if you have multiple jobs you need to check that your earnings from both sources of income on your P60 have been consolidated. It should show an overall figure. However, it’s worth noting that you may receive more than one P60 if you work more than one job.
You might not receive a P60 if you’re self-employed as this document is usually issued by an employer. If you need one for proof of your earnings, like for a mortgage application, instead you can use an SA302 which shows your earnings made over the past 4 years.
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