Your P45, P46 and P60 are the three most common tax forms you are likely to encounter. Every employee is entitled to a P45 and P60 by law while you may also be asked to complete a P46 form when you start work with a new employer.
Our guide explains these common tax forms.
You receive a P45 from your employer when you stop working for them. It shows how much you have earned and how much tax you have paid in the current tax year.
A P45 form includes information such as:
- Your tax code and National Insurance number
- The amount you earned in the current tax year
- How much tax your employer has deducted in the current tax year
- The date you stopped work for that company
A P45 has four parts. These are Part 1, Part 1A, Part 2 and Part 3.
Part 1 is sent to HM Revenue and Customs. You receive the other three parts. Part 1A is kept for your own records and parts 2 and 3 are given to your new employer (when you start a new job) or to the Jobcentre (if you are claiming Jobseeker’s Allowance).
If you are starting your first job or if you are taking on a further job in addition to your present employment, you may not have a P45 form. In this case, your new employer may ask you to complete a P46.
A P46 form includes information such as:
- Whether you have another job
- Whether this is your first job
- Whether you have been claiming benefits such as Jobseeker’s Allowance
In order that your new employer can work out what tax code to apply – and therefore how much tax to deduct – it’s important that you complete a P46 form as soon as you can.
At the end of every tax year you should receive a P60 form. It is a summary of your pay in the previous tax year and any tax that has been deducted. It is a legal requirement that your employer provides you with a P60 if you were working for them at the end of the tax year (5th April).
You will need your P60 if:
- You want to claim back any overpaid tax
- You have to complete a Self Assessment tax return
- You want to apply for tax credits
While most people receive a paper version of their P60, a company is now allowed to send an electronic version if you have given your consent to receive it in this format. You must have access to secure facilities in order that you can look at your P60 and print a copy for your records.