P45
A form your employer gives you when you leave a job, showing your tax code, total pay, and total tax paid in the current tax year up to your leaving date. You give Parts 2 and 3 to your new employer so they can set you up on the correct tax code from the start. Without a P45, your new employer may need to operate an emergency tax code until your details are confirmed.
Related Terms
P60
An annual certificate your employer gives you at the end of the tax year (by 31 May) summarising your total pay and total tax deducted under PAYE for the year.
Tax Code
A code issued by HMRC to your employer to tell them how much income tax to deduct from your pay each period.
PAYE
Pay As You Earn — the system by which employers deduct income tax and National Insurance directly from employees' wages before paying them, and remit the deductions to HMRC on their behalf.