What is the P60 form?
Is it interesting or dull? Do you even need a P60? Maybe you’re self-employed? Perhaps you’re a contractor, running a small business, maybe you’re freelance or a sole trader. In any case, there’s rather a lot of information you may need to know about the P60. Whatever your situation, if you’re looking for a low-cost, efficient accountant to deal with your P60, Mazuma is only a click away. Whatever your business, hassle free accounting is ours. We free you up to focus on your work while we do ours. Though the P60 may be far from scintillating, there’s certainly nothing dull about our service! Contact us – or read on for more information about the p60.
What is a P60?
P60 is a form given by employers to staff who are working on a Pay As You Earn (PAYE) basis. It shows wages, tax, National Insurance and student loan repayments paid that tax year. Your accountant will need this as evidence for your tax return, so keep it safe. You may be wondering why you need a P60 and how the P60 can help you. If so, read on…
Why do I need a P60?
For so many things. It’s needed for self-assessment tax returns, for mortgage applications, claiming tax rebates and in discussions or disputes with HMRC and for numerous other reasons. Whoever completes your tax return – whether your Mazuma Expert Accountant, or you yourself, the P60 summarises the basic information that HMRC needs. If you’ve paid too much tax, your accountant can use the information on the P60 as evidence when they apply for a tax refund for you.
When applying for a mortgage, the P60 is an essential document, so hold on tightly to it! If you do lose it, contact your employer right away to request a replacement. If you’re an employer, do you know when to issue the P60 to your employees?
When should employees obtain the P60?
Your employees will be expecting to get their P60 at the end of the tax year. The tax year runs from April 6th to April 5th the following year, and this means that employers need to ensure that employees receive the P60 as quickly as possible after April 5th – by May at the latest as a guideline. From April 6th, it will be time for completing tax returns and this will be impossible for anyone without the P60.
What could possibly go wrong?
Well, plenty! The P60 is the evidence that the tax office has about you and all things tax…so any problems must be avoided! Employers must issue 100 percent accurate P60 forms. If you’re a startup company, or a small business, why not let us at Mazuma help with your payroll set up? We can make sure that your processes are simplified and integrated from the get-go. Employees will also need to check their own P60 form really carefully to avoid any problems – or for total peace of mind, they can leave it to the experts at Mazuma.
The P60 – what’s in it for me?
Money. To claim tax refunds and rebates, you need to know how to use the information on the p60, organise and present it to HMRC efficiently and accurately, using the correct procedures. Alternatively, Mazuma can do this for you, making sure that you don’t miss out on any money that will go to the taxman instead!
Mazuma provides a simple accounting service as we know that every business needs to hire an accountant, but the process can often feel overwhelming. Let us make your accounting easy, taking the stress and hassle away.