P60 and P45

[kimmi]

can anyone explain to me the importance and difference of these two?

[Ann07]

p45 is when u first started a job/work you have to fill it in..while p60 all your tax, earnings etc are there and u can get it once a year.

[Sconnie]

P45

You get a P45 from your employer when you stop working for them. It's a record of your pay and the tax that's been deducted from it so far in the tax year. It shows:

* your tax code and PAYE (Pay As You Earn) reference number
* your National Insurance number
* your leaving date
* your earnings in the tax year
* how much tax was deducted from your earnings

A P45 has four parts - Part 1, Part 1A, Part 2 and Part 3. Your employer sends Part 1 to HMRC and gives you the other three. When you start a new job, or claim Jobseeker's Allowance, you give Part 2 and Part 3 to your new employer or to the Jobcentre. You keep the remaining one - Part 1A for your own records.

Your employer should automatically give you a P45 when you stop working for them. If not, ask for it - you're entitled to it by law.


P60

Your P60 is the summary of your pay and the tax that's been deducted from it in the tax year.

Your employer should give you a P60 to keep as a record at the end of every tax year (which runs from 6 April to 5 April the next year). If your employer doesn't give you a P60 at the end of the tax year, ask for it - you're entitled to it by law if you are still working for the employer at 5 April.

You might need it:

* to complete a Self Assessment tax return, if this applies to you
* to claim back any tax you've overpaid
* to apply for tax credits

You may also need it as proof of your income if you apply for a loan or a mortgage - so it's important to keep all your P60s safe.

[kimmi]

p45 is when u first started a job/work you have to fill it in..while p60 all your tax, earnings etc are there and u can get it once a year.

thanks sis Ann, I just had my P60 but how can I get tax rebate? do i have to apply it myself, if ever where? or it should be my employer who need to do it for me?

thanks in advance.

[pennybarry]

can anyone explain to me the importance and difference of this two?

If you leave your job Kim, your employer will give your P45. You will give a copy to your next employer.
P60 is your earnings the whole year and you will receive every April I think. I got mine last wednesday and had 1600£+ tax paid. It said I can refund it but so many IF's.

If I am working on tax credit etc. But I think I am not qualified to refund it.

HOW CAN I REFUND THIS P60? Please I need more info I can't ask hubby, I want secret ehhh Will surprise him

[Sconnie]

See my message on your YM

[kimmi]

P45

You get a P45 from your employer when you stop working for them. It's a record of your pay and the tax that's been deducted from it so far in the tax year. It shows:

* your tax code and PAYE (Pay As You Earn) reference number
* your National Insurance number
* your leaving date
* your earnings in the tax year
* how much tax was deducted from your earnings

A P45 has four parts - Part 1, Part 1A, Part 2 and Part 3. Your employer sends Part 1 to HMRC and gives you the other three. When you start a new job, or claim Jobseeker's Allowance, you give Part 2 and Part 3 to your new employer or to the Jobcentre. You keep the remaining one - Part 1A for your own records.

Your employer should automatically give you a P45 when you stop working for them. If not, ask for it - you're entitled to it by law.


P60

Your P60 is the summary of your pay and the tax that's been deducted from it in the tax year.

Your employer should give you a P60 to keep as a record at the end of every tax year (which runs from 6 April to 5 April the next year). If your employer doesn't give you a P60 at the end of the tax year, ask for it - you're entitled to it by law if you are still working for the employer at 5 April.

You might need it:

* to complete a Self Assessment tax return, if this applies to you
* to claim back any tax you've overpaid
* to apply for tax credits

You may also need it as proof of your income if you apply for a loan or a mortgage - so it's important to keep all your P60s safe.

thank u very much indeed Sconnie..

My Boss has just given me my P60 and she told me I am entitled for a refund, but I dont know how and where to start..

..oh, thanks for the link u sent in YM, that's very nice of u..

HOW CAN I REFUND THIS P60? Please I need more info I can't ask hubby, I want secret ehhh Will surprise him

thanks Ate Penny, I am also wondering about the refund..

[pennybarry]

thanks Ate Penny, I am also wondering about the refund..

Ahahhah same here. I was about to make a thread about that but seems so busy with other thread.

I need to sleep now. Hope I can have some infor about refund tomorrow. Goodnight everyone

[aromulus]

I am also wondering about the refund..

If a refund is outstanding it will either be paid out by your new employer as and when instructed by the Inland Revenue, or be adjusted through a new tax code.

[joebloggs]

if your working, you don't ever want to see a P45, especially if you like your job

[tiger@tigress]

P45

You get a P45 from your employer when you stop working for them. It's a record of your pay and the tax that's been deducted from it so far in the tax year. It shows:
* your tax code and PAYE (Pay As You Earn) reference number
* your National Insurance number
* your leaving date
* your earnings in the tax year
* how much tax was deducted from your earnings
A P45 has four parts - Part 1, Part 1A, Part 2 and Part 3. Your employer sends Part 1 to HMRC and gives you the other three. When you start a new job, or claim Jobseeker's Allowance, you give Part 2 and Part 3 to your new employer or to the Jobcentre. You keep the remaining one - Part 1A for your own records.
Your employer should automatically give you a P45 when you stop working for them. If not, ask for it - you're entitled to it by law.

Left my previous employment they mailed me the Part 2 and 3 of my P45 only (but not Part1 & Part 1A) shall I ask for it? or its alright to photocopy Part 2 and 3 for my own personal record?