Did you lose your P60 or your P45? It actually happens quite often and is nothing to worry about. Here, we’ll discuss what these forms are and where to find them.
What is a P45 and a P60? P45 and P60 are pay-as-you-earn (PAYE) forms. They are forms that employers give employees, which contain your income and tax information. This includes Income Tax and National Insurance contributions that you’ve paid over the year. A P60 also contains all your salary information, which can be useful for a variety of reasons which we’ll discuss. While a P60 is usually just 1 part, a P45, on the other hand, is 4.
The 4 parts to a P45
Part 1 – this goes to HMRC
Part 1A – you keep this for your own records
Part 2 & Part 3 – you give this to your new employer or to the job centre (if you’re not working)
Are P45 and P60 different?
Yes, they are! What’s the difference between the two, you ask? 👇
P60
You are given your P60 at the end of every year by your employer. It summarises your overall pay for the year and how much tax you’ve paid on your salary during the tax year. It is important to keep your P60 in a safe place as you’ll probably need it when claiming back tax credits or as proof of income for mortgages, loans, and credit cards.
P45 You receive a P45 from your employer when you leave your job. Your employer is required by law to give you one when you leave. Again, this is another document you should take good care of.
A P45 summarises your income and tax payments so far in the year, and states your tax code. This is important for your next employer to know. If your new employer doesn’t know your tax code, you’ll be put on an emergency tax code and might end up paying too much tax. Don’t worry, you can always claim it back. With a P45 however, you don’t need to worry about it. There are 4 parts to a P45, so it would be good to familiarise yourself with what they are and where they go.
I’ve lost my P45/P60… is that a problem? If you lose or don’t have your P45 or your P60, don’t worry. It can be a pain, and we’ve all been there, but there are a few things you can do.
I’ve lost my P60
If you can’t find your P60, don’t stress! You can always ask your current employer for another copy. They are required to keep these on record for three years, so it’s always worth asking. HMRC aren’t able to provide a replacement copy but you can:
Go to the HMRC website and use your personal tax account for the information your P60 would contain
Contact HMRC directly for the information on your P60
I’ve lost my P45 As we said, your P45 is given to you by your employer when you leave a job to make sure you’re out on the right tax code for your new job. Again, HMRC do not provide replacement copies if you lose your P45. Don’t panic, there’s another way! When starting a new job, your new employer will ask you to fill in a new ‘Starter Checklist’ form, which will calculate what tax code you should be on.
Need a hand? Still not sure what to do if you lose your P60 or P45? If you’re trying to get your taxes sorted and need a hand interpreting your P60/P45, don’t hesitate to get in touch