P60
Encyclopedia
In the UK
and the Republic of Ireland
, a P60 (End of Year Certificate) is a statement issued to taxpayers at the end of a tax year. It is important a taxpayer does not destroy the P60 forms issued to them, as they form a vital part of the proof that tax has been paid.
, PRSI (Pay Related Social Insurance), health levy, and income levy (income levy started in 2009) for that year. If the taxpayer's liability to tax for any year needs to be reviewed, they will need to send one part of the Form P60 to their Revenue Office. If they need to claim a Social Welfare benefit, they should send the second part to the Department of Social Protection as evidence that they have paid PRSI contributions.
For employers the P60 documents for their employees accompanies other documents sent in an end-of-year package which includes the P35 document. The employers then pass on the P60 to their employees.
Proprietary company directors must also fill in a "Form 11" or a "Form 12 Directors" at end of year.
(both for income tax
and National Insurance
contributions) for that year. It is the third part of a triplicate form, the front two parts being P14 (End of Year Summary). P14 part 1 is sent to the Contributions Office, P14 part 2 is retained by the tax office with which the PAYE scheme is registered, and P60 (never referred to as P14 part 3) is issued to the taxpayer.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and the Republic of Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
, a P60 (End of Year Certificate) is a statement issued to taxpayers at the end of a tax year. It is important a taxpayer does not destroy the P60 forms issued to them, as they form a vital part of the proof that tax has been paid.
Ireland
In Ireland, it details a taxpayer's taxable income and deductions made by PAYEPAYE
Pay as you earn or PAYE refers to a system of withholding of income tax from payments to employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent they exceed tax as determined on tax returns. PAYE may also refer to withholding of the...
, PRSI (Pay Related Social Insurance), health levy, and income levy (income levy started in 2009) for that year. If the taxpayer's liability to tax for any year needs to be reviewed, they will need to send one part of the Form P60 to their Revenue Office. If they need to claim a Social Welfare benefit, they should send the second part to the Department of Social Protection as evidence that they have paid PRSI contributions.
For employers the P60 documents for their employees accompanies other documents sent in an end-of-year package which includes the P35 document. The employers then pass on the P60 to their employees.
Proprietary company directors must also fill in a "Form 11" or a "Form 12 Directors" at end of year.
UK
In the UK, the P60 form is issued by employers to each of their employees to detail the employees' taxable income and deductions made by PAYEPAYE
Pay as you earn or PAYE refers to a system of withholding of income tax from payments to employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent they exceed tax as determined on tax returns. PAYE may also refer to withholding of the...
(both for income tax
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
and National Insurance
National Insurance
National Insurance in the United Kingdom was initially a contributory system of insurance against illness and unemployment, and later also provided retirement pensions and other benefits...
contributions) for that year. It is the third part of a triplicate form, the front two parts being P14 (End of Year Summary). P14 part 1 is sent to the Contributions Office, P14 part 2 is retained by the tax office with which the PAYE scheme is registered, and P60 (never referred to as P14 part 3) is issued to the taxpayer.
External links
- PAYE forms: P45, P46, P60, P11D - DirectGovDirectgovDirectgov is the UK government's digital service for people in the United Kingdom, providing a single point of access to public sector information and services.The content is developed by government departments, working with a central Directgov team...
- 2006/7 P14 and P60 - HM Revenue and Customs
- www.revenue.ie/en/tax/it/leaflets/it11.html#section4 Irish Revenue PAYE Tax Guide - Leaflet IT11