Member Article

Reminder to employers and employees…

We’re spinning plates, we’re rushed off our feet and we’re too busy, are all familiar sayings when we describe our working lives, so it’s not surprising that we sometimes forget things, things that we shouldn’t forget to do.

P60 are one such thing that many of our clients at KP Simpson tell us that they have never been given by their employers, but whether or not it is actually the staff member that have lost it, or the company that hasn’t supplied it, is a conundrum even Carol Vorderman would get stuck on!

If you have been lucky enough to be given one, you’ll more than likely have ‘put it somewhere safe’, which in layman’s terms means that when you want to retrieve it, the safe place will be long forgotten. As a reminder, the deadline for employers to provide employees with a copy of their P60 is May 31st, 2018 this year. A P60 must be given to all employees that were on the payroll on the last day of the tax year, 5th April 2018.

Employees should ensure that they keep their P60 in a safe place (and remember it) as this is the record of the amount of tax that they have paid.

So why do we, as employees need a P60, surely HMRC already know ow much tax we have paid? Well, yes, they do, however for personal reasons, you may need this information. For example, if you need to make a personal claim for overpaid tax, apply for tax credits etc., or show as proof of your income when applying for a loan or mortgage, most organisations will ask for this very precious piece of paper.

Most payroll systems have the capabilities of printing P60’s automatically now, however, some employers’ software doesn’t have this service, but they can be ordered from HMRC direct.

If you were employed and have left your job during the tax year, then your P45 will hold the same information as the P60, but remember it’s down to you to check that this is correct. If in doubt though, speak to the payroll department at your place of work – they’ll be able to tell you if it’s right or wrong in a matter of minutes.

www.kpsimpson.co.uk

This was posted in Bdaily's Members' News section by JAM Prints & Marketing .