P800 this, P45 that – over the course of our working life, we get so many different forms from HMRC, all beginning with a P that it can get mightily confusing. We at DSR Tax Claims want to make your tax affairs as simple as possible so we hope that our handy guides can help cut though that confusion. But if you still don’t know where you stand, give one of our friendly team a call on 0330 122 9972 and let us help – after all, we are the experts!
So, what is a P60?
At the end of the tax year, usually around late April or May, if you are paid through the PAYE system you will get a P60 form from your employer. This shows all of the money you have been paid and all of the deductions (income tax, National Insurance and so on) that have been taken out of it. It’s a really important piece of paperwork so it is a good idea to put it somewhere safe so you can put your hands on it when you need it.
What do you need it for?
Because it shows all of the money you have earned and all of the tax and so on you have paid on that income, it gets used for a number of different things.
You might need it over the course of the next year if:
You apply for a mortgage – a lender will use it to check your income and deductions over the previous tax year;
If you are applying for tax credits;
If you need to fill in a self-assessment tax return;
If you need proof of your student loan repayments if they have been deducted from your wages;
If you want to claim a tax refund (and if you have paid too much tax then you’re definitely going to want to do that);
If you have a dispute with HMRC.
What if your P60 is wrong
Sometimes mistakes are made but if you think your P60 is wrong then you need to get it sorted out with the HMRC straightaway. Luckily, if you are a DSR Tax Claims client we take all of the hassle out of your dealings with HMRC and can sort that out for you – call us on 0330 122 9972 and we will take the stress out of it for you. You need to act quickly though – according to HMRC rules, it is up to you to check that all of the information on your tax return is correct and if it isn’t, you might end up having to pay fines or penalties!
Claiming a tax refund with your P60
Because your P60 details all of the tax you have paid over the previous tax year, it is a really important piece of information if you want to claim a tax refund. It might well be that due to checking over your P60, you realise that you have overpaid on your tax in the first place. You can always check out our handy calculator too, if you want to know if you could be due a rebate, or call our team on 0330 122 9972.