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2023 4.8 Satisfied (135 Votes)
2018 4.8 Satisfied (46 Votes)
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P60 includes an overall view of an employees earnings, tax paid, and deductions for the previous tax year. Its used by employees to apply for loans or mortgages, or request tax refunds. P45 is essentially an exit form and is given to employees by their employers when they officially resign.
The British-Irish equivalent form to a W-2 is a P60.
P60 includes an overall view of an employees earnings, tax paid, and deductions for the previous tax year. Its used by employees to apply for loans or mortgages, or request tax refunds.
Your P60 shows the tax youve paid on your salary in the tax year (6 April to 5 April). You get a separate P60 for each of your jobs every tax year. Theres a separate guide to getting P60s if youre an employer.
At the end of the financial year, your employer will provide you with a Form P60 which is the British equivalent of Form W-2. If you separate from your employer prior to the year-end Form P45 will be issued instead. Recall that the United States requires income reported on a calendar year basis.
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A P60 is a statement outlining the tax and National Insurance (NI) contributions youve paid over the previous tax year. If youre an employee, youll receive one at the end of each tax year. Youll either get a paper copy or an electronic version.
As part of PAYE modernisation, paper-based P45s and P60s were replaced with an online system. You no longer get a P60 at the end of the year. Instead, you can get an Employment Detail Summary through Revenues myAccount service.

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