31st May – P60 Deadline

31st May – P60

31st May – P60 Deadline, what does this mean? It means that the 31st May is the last date by which all employees that were in your employment at 5th April should receive a P60.

What is a P60?

A P60 is an end of year certificate that includes gross taxable income from your employment and previous employment if they have joined mid-year.

The P60 includes the following information:

  • employee personal information;
  • national insurance number;
  • works number;
  • national insurance letter;
  • national insurance contributions;
  • Statutory payments;
  • Other details – such as student loan deductions.

Why does the employee need a P60?

Some employees may have income from other avenues and are required to submit a self-assessment tax return which should include all income received during the year.

Some employees may require a P60 to prove income for items such as benefit claims, loans and mortgage applications.

How do we provide a P60?

Most payroll software has the facility to produce a P60 once the payroll year end has been finalised.

If for some reason the software you are using does not have this facility then you can download the P60 from HMRC.

If you have an accountant or payroll provider then they should be able to assist your further, if you do not and require further assistance in completing a P60 please do not hesitate to contact us here.

What about employee’s that have left?

The only employees that receive a P60 are the employees that are still employed on the 5th April.

The employees that left during the tax year (6th April to following 5th April) should receive a P45 on leaving which they would then present to a new employer.

Key Tax Deadlines

31st May - P60

It is important to be aware of all deadlines applicable to your business as missing specific dates could mean, interest, penalties and/or prosecution.  If in doubt please get in touch by clicking here