Explaining a P60: What is a P60 Form?

Reviewed by Neil AinsworthLast updated: February 16, 2026 3:58 pm

Image credit: Tima Miroshnichenko @Pexels

Why Your P60 Matters

A P60 summarises your pay and the tax deducted from it for the tax year. Employers must give employees who are on their payroll on 5 April a P60 by 31 May following the end of the tax year. This timing helps you keep your records straight and prepare for any tax queries or returns.

In addition to supporting tax rebate claims, a P60 is often requested when you apply for a mortgage or loan, support a rental application, or undergo a credit check. It is widely accepted as proof of income and tax paid under PAYE.

Reviewing a P60

Reviewing your P60 helps you understand your tax position and spot errors early. If figures look wrong, raise them with your employer’s payroll team or HMRC.

Keep your P60s for at least 22 months after the end of the tax year. If you complete the Self Assessment, keep relevant records for at least 5 years after the filing deadline. Many lenders ask for 2–3 years of P60s, so retaining several years’ worth is sensible.

P60s issued by 31 May 2025 relate to the 2024/25 tax year. For 2024/25, the Personal Allowance remains £12,570 and the main employee National Insurance rate is 8% from 6 April 2024. Income tax bands for the rest of the UK are unchanged; Scottish taxpayers have different bands and rates.

The P60 at a Glance

A P60 is an official year-end statement of your PAYE pay and tax for the period 6 April to 5 April. Employers must issue it by 31 May. You only get a P60 from an employer if you were employed by them on 5 April.

Figures on your 2024/25 P60 reflect any changes that applied during the year (for example, the cut to employee National Insurance from 6 April 2024).

Understanding the Timing and Uses of the P60

If you leave a job before 5 April, you will not receive a P60 from that employer; instead, you should receive a P45 showing your pay and tax to your leaving date. A P60 is commonly requested as proof of income for mortgage or loan applications.

Key Updates Affecting 2024/25 P60s

For 2024/25, the Personal Allowance is frozen at £12,570 and the rest-of-UK income tax bands are unchanged. The main employee National Insurance rate was reduced to 8% from 6 April 2024, with thresholds essentially unchanged. Scottish taxpayers have different income tax bands and rates. Student loan plans (including the newer Plan 5 for those starting courses from 2023) may affect the deductions shown on your P60.

Check your P60 as soon as you receive it and raise any discrepancies promptly with your employer’s payroll department or HMRC.

Who Gets a P60?

P60s are issued to employees and to pensioners by pension providers that operate PAYE. Self-employed people do not receive P60s; they use Self Assessment evidence (for example SA302s) to verify income.

Keeping your P60 safe and accessible is advisable, as it plays a critical role in your financial documentation and tax affairs. It acts as a vital record for future reference, whether for personal assessment or statutory requirements.

Getting Your P60

Your employer is obliged to give you a P60 at the end of each tax year (by 31 May). If you have not received it, or if it is lost, ask your employer or pension provider for a replacement marked ‘duplicate’. HMRC cannot issue a replacement P60, but you can check the figures they hold for you in your online Personal Tax Account.

How to Replace a Lost P60 and Check your PAYE Record

1. Ask your employer or pension provider for a replacement P60 (they can reissue it as a ‘duplicate’). If they use an online payroll portal, you may be able to download it there.
2. Log in to your Personal Tax Account with your Government Gateway and go to ‘PAYE for employees’ to view your pay and tax for each employer. You can download an Employment History or a Tax Year Overview if a lender accepts them.
3. Save a copy for your records.

These steps give you rapid access to information you may need for lenders or for checking your tax record, even though the HMRC summaries are not the same as a P60.

Importance of Promptly Reviewing Your P60

Upon receiving your P60, either in physical or digital form, review the details for accuracy. This document reflects your total annual earnings, tax deductions, and National Insurance contributions. Discrepancies should be addressed immediately with your employer’s payroll department or directly with HMRC to avoid future complications in your tax affairs.

Keeping a digital copy of your P60, backed up in your personal records, is also advisable. This practice secures your financial documentation and simplifies future references when applying for loans or mortgages, or when preparing a tax return.

In addition, the accessibility of online PAYE information makes it easier to consult with financial advisers or tax professionals when planning for investments or savings, ensuring you make informed decisions based on accurate data.

What’s on a P60?

When you receive your P60, it is essential to understand each component detailed on the document. This form serves as an annual summary of your earnings and deductions made over the tax year. Here’s a breakdown of the primary sections you will find on your P60:

• Total gross income: Your total earnings before any deductions are applied. It includes basic pay, bonuses, overtime and any other taxable remuneration received through employment.
• Tax paid: The total amount of Income Tax deducted from your earnings during the tax year. The accuracy of this figure is crucial for assessing whether you have paid the correct amount of tax.
• National Insurance contributions: The total Class 1 employee contributions made, which count towards certain benefits and the State Pension.
• Student Loan repayments and other deductions: This includes repayments for student loans and other deductions such as pension contributions or charitable donations made through your salary. For 2024/25, thresholds are: Plan 1 £22,015; Plan 2 £27,295; Plan 4 £31,395; Plan 5 £25,000; Postgraduate Loan £21,000.

Additional Details on Your P60

Aside from the standard components, your P60 also provides supplementary information that could affect your financial analysis and planning:

• Employer’s PAYE reference: A unique code that identifies your employer to HMRC.
• Employee number: Your unique number within your company, helping to differentiate you from other employees.
• Total pay for National Insurance purposes: This can differ from your gross income due to the treatment of some deductions and benefits.

Each entry on your P60 plays a significant role in monitoring your financial health and in tax compliance. Check each figure carefully against your personal records and query any discrepancies with your employer or HMRC directly. This helps avoid issues with over- or underpayment of tax and incorrect contribution records.

Why Accuracy Matters

The accuracy of the information on your P60 is paramount. Errors in reported earnings or deductions can lead to incorrect tax calculations, impacting your finances through potential tax rebates or additional payments due. Cross-checking these details with your payslips and querying discrepancies promptly keeps your records accurate and up to date.

Understanding and using the data on your P60 allows you to manage your finances more effectively and ensures compliance with tax obligations.

Correcting Errors on Your P60

Review your P60 for inaccuracies as soon as you receive it. If you find an error, contact your employer’s payroll department first, as only they (or your pension provider) can correct payroll records and issue a replacement P60. For issues relating to your overall tax position or tax code, contact HMRC to ensure your record is accurate.

Steps to Correct Errors on Your P60

Addressing errors on your P60 involves a few critical steps that help ensure your financial records remain precise:

1. Identify the discrepancy: Carefully compare the figures on your P60 with your payslips and other financial documents. Note any differences in gross income, tax paid, or National Insurance contributions.
2. Contact your employer: Communicate the discrepancies to your employer’s payroll department. This is often the quickest way to resolve clerical errors or omissions.
3. Engage with HMRC: If the issue concerns tax calculations or your tax code, and your employer cannot resolve it, contact HMRC via their helpline or through your Personal Tax Account. Have all relevant documents to hand.
4. Follow up: Keep records of all communications and responses. If the correction takes time, follow up to expedite the process and prevent future complications.

Documentation to Support Corrections

When rectifying errors on your P60, having the right documentation ready can streamline the process:

• Recent payslips: Crucial for verifying the monthly breakdown of earnings and deductions.
• Previous tax returns: Provide a baseline for what was reported and what might have been expected on the P60.
• Correspondence from HMRC: Include any notices regarding tax codes or unexpected tax bills.

Ensuring the accuracy of your P60 is vital for maintaining correct tax records and can affect your eligibility for loans, mortgages and other financial products.

How Long to Keep your P60 and How to Store It

Retaining your P60s is important. Keep them for at least 22 months after the end of the tax year. If you file a Self Assessment tax return, keep relevant records for at least 5 years after the 31 January filing deadline. Lenders often ask for 2–3 years of P60s, so holding several years’ worth is prudent.

The P60 form is a valuable asset when applying for loans or mortgages. Lenders typically require proof of stable income over several years, and P60 forms effectively demonstrate your earnings continuity and tax compliance. In scenarios such as rental applications, having your P60 available can expedite the verification process.

Because P60s include sensitive personal information, store them securely to protect against identity theft or fraud.

Recommended Practices for Storing P60 Documents

• Digital storage: Consider scanning and storing your P60s digitally in encrypted files. This saves physical space and adds a layer of security.
• Physical copies: If you prefer paper records, keep P60s in a locked filing cabinet or safe to guard against theft and damage.
• Regular backups: If you choose digital storage, back up your documents regularly using reliable services or external drives.

By maintaining an organised record of your P60s, you safeguard your personal information and ensure you are prepared for financial assessments, tax returns or any inquiries regarding past income and tax contributions.

If you’re Self‑Employed: Use SA302s Instead

Self-employed individuals, unlike employees, do not receive a P60 because they are not part of the PAYE system. Instead, they use an SA302 tax calculation as proof of income. This document is particularly important when applying for mortgages or securing loans, where evidence of stable income is essential.

The SA302 can be downloaded from your Personal Tax Account or via your tax software after you have filed your annual Self Assessment tax return. File your return promptly to ensure the SA302 is available when needed.

Key Uses of the SA302 Form

• Mortgage applications: Lenders often request SA302s for the last two to three years, alongside HMRC Tax Year Overviews, to assess affordability.
• Loan approvals: Some lenders require SA302s for personal or business loans to evaluate your financial health.
• Renting properties: Letting agents may request SA302s to confirm your ability to make rent payments.

Obtaining Your SA302 Form

To access your SA302 form, follow these steps:

1. Log in to your HMRC online account using your Government Gateway credentials.
2. Navigate to the ‘Self Assessment’ section.
3. Select ‘More details’ under the latest tax year and choose ‘Print your full calculation’.

Many lenders also ask for the matching HMRC Tax Year Overview for each year.

Once you have the SA302, keep both digital and physical copies for your records. These forms are essential for ongoing financial transactions and as part of your financial documentation for future reference.

Importance of Accurate Reporting

Accuracy in your Self Assessment return is crucial, as it directly influences the details on your SA302. Discrepancies or errors can lead to complications when applying for financial products or services. Regularly reviewing your financial statements and consulting a financial adviser can help maintain the integrity of your records.

For self-employed individuals, the SA302 is an indispensable tool for demonstrating financial credibility and managing obligations efficiently.

Lost Your P60? Here’s How to Replace It

If your P60 is misplaced or has never arrived, you can still obtain the information you need. Request a replacement from your employer or pension provider (they can mark it ‘duplicate’). You cannot obtain a duplicate P60 from HMRC, but you can view your pay and tax information through your Personal Tax Account, which some organisations may accept.

What to Do If You Can’t Get a Quick Replacement

1. Contact your employer or pension provider and ask for a replacement P60.
2. Use your HMRC Personal Tax Account to view your PAYE pay and tax, and download an Employment History or Tax Year Overview.
3. If a lender needs evidence urgently, ask if they will accept HMRC summaries temporarily and provide the replacement P60 when it arrives.

Accessing your PAYE information online provides a useful fallback if you are waiting for a replacement P60 and need to verify income for financial checks.

Importance of Timely Document Retrieval

Retrieve a copy as soon as you realise your P60 is missing to avoid delays with mortgage applications, benefit checks or tax queries.

Annual updates and verifications

Each tax year starts on 6 April. Employers and pension providers report year-end figures to HMRC, and your online record is updated accordingly. Your P60 itself is produced by your employer or pension provider, so always check it carefully against your payslips and HMRC records.

Using online access not only adds convenience but also provides a secure backup of the information contained on your P60.

• Keep a secure backup: Save a digital copy of your P60 in your personal records.
• Verify information: Regularly check your P60 details against payslips and HMRC records to ensure accuracy.

In summary, quick access to your PAYE information is an essential part of modern financial management, offering both convenience and security.

P60s in Retirement

After retirement, you may continue to receive a P60 if you have taxable pension income paid through PAYE. Pension providers, like employers, issue P60s showing your pension income and any tax deducted. The State Pension is taxable, but it is usually paid without tax deducted, so you do not normally receive a P60 for it—any tax due is typically collected via your tax code on other income or through Self Assessment.

Understanding Pension Income and P60 Documentation

Pension income can come from various sources, including the State Pension, private/company pensions and annuities. Each may be taxed differently depending on your total income and tax code. For 2024/25, the standard Personal Allowance is £12,570 unless your total income exceeds £100,000, at which point the allowance is tapered.

• State Pension: Paid without tax deducted but remains taxable. You will not usually get a P60 for the State Pension; HMRC adjusts your code on other income or collects any tax via Self Assessment.
• Private/Company pensions: Paid through PAYE and subject to Income Tax. Your pension provider will issue a P60 each year.
• Annuities: Income from annuities purchased with your pension pot is taxable and the provider will supply a P60 for PAYE-taxed payments.

Role of the P60 in Tax Management Post-Retirement

Retaining and reviewing your P60s post-retirement is vital for several reasons:

1. Tax filing: It supports accurate tax returns where required.
2. Healthcare and benefits: Some benefits depend on total reported income, evidenced by your P60s and other records.
3. Income stream management: Understanding how much tax you pay on different pension streams can help with financial planning.

For the 2024/25 tax year, ensure that any discrepancies on your P60s are rectified promptly. You may also benefit from the Marriage Allowance if one spouse or civil partner has unused Personal Allowance and the other is a basic-rate taxpayer.

Practical Tips for Managing P60 Documents

• Secure storage: Keep both digital and physical copies of your P60s in a secure place. Back up digital copies.
• Regular reviews: Review your P60s annually to ensure the information is accurate and reflects your current financial situation.
• Professional advice: Consider consulting a financial adviser to understand the implications of your P60s for your overall tax position.

By maintaining accurate and accessible records of your P60s, you can manage your post-retirement finances effectively, maximise entitlements and minimise unnecessary tax payments.

Get Help with Your Tax Paperwork

Managing financial documents and understanding tax obligations can be complex. A qualified financial adviser can help you plan your finances, improve tax efficiency and handle documentation like the P60. Advice can be tailored to your circumstances.

FinancialAdvisers.co.uk is dedicated to connecting you with FCA-authorised financial advisers in your locality. These experts can help you navigate tax documents and financial planning so you are well prepared and informed.