P60 deadline: 31 May 2018

18 May 2018

The P60 deadline is fast approaching, with everyone employed on the 5 April requiring their P60 from their employer by the 31 May. P60s can be supplied either on paper or electronically, and a separate P60 must be provided for each employer a person has. 

What is a P60?

A P60 shows the tax which has been paid on a salary in the tax year (6 April to the 5 April). P60s can be used to show proof of tax paid, to claim back overpaid tax or apply for tax credits. They can also be used as proof of income when applying for a loan or mortgage. 

Who receives a P60?

Everybody in employment on the 5 April requires a P60 if they meet any of the below criteria:  

  • their earnings are equal to or above the Lower Earnings Limit (LEL) for National Insurance Contributions. The LEL is £113 per week, £490 per month or £5876 per year; 
  • income Tax and/or National Insurance contributions have been deducted from their pay; 
  • Student loan deductions have been made from their pay;
  • Statutory Maternity Pay has been received;
  • Statutory Paternity Pay has been received; 
  • Statutory Shared Parental Pay has been received; or
  • Statutory Adoption Pay has been received.

How to get a copy of a P60?

Copies of P60s can be obtained directly from the employer and are not held by HMRC. If an employer is unable to produce a duplicate P60 they can supply a statement of earnings instead. 

For more information regarding the processing of P60s and RSM’s outsourced payroll service, please contact Simon Balaam or your usual RSM contact