P60s are important documents used to summarise an employee’s tax information at the end of the tax year. But what is the deadline for issuing P60s and who needs to receive one? Natasha Crockatt, from our Payroll department advises.
A P60 is an important document that provides a formal statement of an employee’s pay, tax, NI and other credits or deductions such as statutory payments and student loan repayments. It also shows the employee’s final tax code. Employees often refer to a P60 as an “end of year certificate” as the document provides evidence of the tax that has been paid which can be useful if employees need to claim back overpaid tax, apply for Universal Credit or provide proof of income for loans and mortgages.
When does a P60 need to be issued?
Employers are legally required to issue P60s to each employee working for them as at 5 April by 31 May following the end of the tax year. For example, for the 2022/23 tax year just gone, you need to provide P60s to employees by 31 May 2023.
When sending out the P60s, it is worth reminding employees that the law requires them to keep a record of their taxable income for at least 22 months after the end of the current tax year.
There is no need to send P60 certificates to employees who left during the tax year as they will have received P45s instead.
The deadline for issuing P60s to employees who were working for you on 5 April 2023 is 31 May 2023. You don’t need to send P60s to employees who left during the tax year.
If you would like Payroll support or have any queries, please contact the team on 01450 372267.