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. You need your P60 to complete a Self Assessment return, claim a tax refund, or apply for tax credits. Keep it for at least 22 months after the end of the tax year.
Related Terms
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.
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.
Self Assessment
The system by which individuals report their own income, gains, and reliefs to HMRC each year through an online or paper tax return, rather than having tax collected automatically under PAYE.
Tax Year
The 12-month period used for UK tax purposes, running from 6 April to the following 5 April.