What is the difference between p60 and p45

If you lose a P45, your employer legally cannot give you a second copy. A good alternative is to get your new employers tax registration number. You can then call the revenue and give them this information along with your PPS no. To avoid emergency tax , get your P45 as soon as possible and register your employment with the revenue. Tags articles. To get a P45, you need to be leaving — or have recently left — your job. A P45 is actually split into four sections.

You can keep hold of Part 1A for your own records. A P60 is a summary of your pay and your tax for the whole tax year — from 6th April to 5th April. Your P60 is useful for keeping tabs on your overall earnings and tax, and you might also need to show your P60 when reclaiming overpaid taxes, applying for benefits, doing a self-assessment tax return, or applying for a mortgage or bank loan.

Instead, you get it from your current employer at the end of the UK tax year. They should get this to you by 31st May of that calendar year — either in hardcopy or electronically. Unlike a P45, a P60 form only has one main part. This blog was first published in March and has been revamped and updated.

A P45 form is given to you by your employer when you stop working for them. Example P45 form. Reasons for using this form include:. Example P60 form. If your wages are calculated using PAYE, your employer will work out how much tax and National Insurance will need to be deducted before you are paid. As part of the PAYE system, tax and National Insurance is paid each time you receive your wages, as opposed to having to pay it all in one lump sum at the end of the tax year.

Here is a brief guide to each of the different PAYE forms you will likely come across during your employment:. If you have ever left a job, you may have received a P45 at the end of your employment. This is a four-part form which you will receive from an employer when you no longer work for them. A P45 outlines how much tax has been paid since the start of the tax year — this runs from 6th April to 5th April.

Your P45 should also contain your tax code number which you can also find on a copy of your payslip , as well as total earnings for the year to date, and a breakdown of how much tax and National Insurance has been deducted for the year so far. When you receive your P45, you will notice it comes in four parts.