With the tax 2022/23 tax year soon coming to an end, you need to be prepared to provide your employees with their P60 forms.
Here’s what you should be aware of:
When should you issue a P60?
P60 forms must be issued at the conclusion of each tax year.
Employees should receive their P60s no later than May 31 following the tax year’s end.
For example, for the 2022/2023 tax year, employees must receive their P60s by May 31 2023. This form is not applicable to self-employed workers.
What information must be included?
P60 forms contain crucial information about an employee’s total earnings and tax deductions for the year, including the total pay, tax withheld, and National Insurance contributions.
Additionally, the form should display the individual’s tax code and any taxable benefits obtained through payroll.
Issuing P60 forms
If you use payroll software, you should be able to issue a P60 form through this.
But if your software cannot generate a P60 and you have fewer than 10 employees, you can use HMRC’s Basic PAYE Tools to generate and issue a P60.
If you are exempt from online payroll filing, you can order paper copies from HMRC.
Accuracy is crucial when it comes to the information on P60 forms. This allows employees to verify their tax payments and, if necessary, claim any overpaid tax.
Need advice on P60 forms or payroll-related matters? Contact our team today.