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Did you lose your P60 or your P45? It actually happens quite often and is nothing to worry about. Here, we’ll discuss what these forms are and where to find them.
P45 and P60 are pay-as-you-earn (PAYE) forms. They are forms that employers give employees, which contain your income and tax information. This includes Income Tax and National Insurance contributions that you’ve paid over the year.
Yes, they are! What’s the difference between the two, you ask? 👇
You are given your P60 at the end of every year by your employer. It summarises your overall pay for the year and how much tax you’ve paid on your salary during the tax year. It is important to keep your P60 in a safe place as you’ll probably need when claiming back tax credits or as proof of income for mortgages and loans.
You receive a P45 from your employer when you leave your job, which they are required to do by law. Now, this is another document you should take good care of.
A P45 summarises your income and tax payments so far in the year, and states your tax code. This is important for your next employer to know. There are 4 parts to a P45, so it would be good to familiarise yourself with what they are and where they go.
If you lose or don’t have your P45 or your P60, don’t worry. It can be a pain, and we’ve all been there, but there are a few things you can do.
If you can’t find your P60, don’t stress! You can always ask your current employer for another copy. They are required to keep these on record for three years, so it’s always worth asking. Unfortunately, HMRC aren’t able to provide a replacement copy so we suggest you try and keep the original safe.
As we said, your P45 is given to you by your employer when you leave a job to make sure you’re out on the right tax code for your new job. Again, HMRC do not provide replacement copies if you lose your P45. Don’t panic, there’s another way! Your new employer will ask you to fill in a new ‘Starter Checklist’ form, which will calculate what tax code you should be on.
Still not sure what to do if you lose your P60 or P45? If you’re trying to get your taxes sorted and need a hand interpreting your P60/P45, don’t hesitate to get in touch! Our friendly support team is happy to help. You can reach them on [email protected] or via the live chat on the homepage.
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