If you have yet to issue your staff with P60s for the 2016/17 tax year, the final deadline is 31 May 2017.
Employees recruited by an employer on the last day of the tax year (5 April) must be given a P60 electronically through the payroll system.
If your payroll system doesn’t automatically produce P60s, paper forms can be ordered from HMRC.
A P60 summarises their total pay and deductions 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 a change is required to a P60, you need to provide a new form to employees marked ‘replacement’ and a letter to confirm the change.
Talk to us today about your reporting obligations.