The P60 deadline for issuing employees for the 2017/18 tax year is 31 May 2018.
Employers must give a P60 form to all employees who were working for them on the last day of the tax year (5 April).
This could be on paper or online, through payroll software. Alternatively, P60 forms can be ordered through HMRC.
A P60 will summarise an employee’s total pay and deductions on their salary for the tax year.
Employees require a P60 to:
- claim back any overpaid tax
- apply for tax credits
- provide evidence of income if applying for a loan or a mortgage.
If an individual needs to make a change on their P60, the employer must produce a new form marked ‘replacement’ and a letter to the employee confirming the change.
For any help or advice with financial planning talk to RPD