P45, P60 and the paperwork tier list

Lesson 9 of 16 in our free Work, Payslips & Tax guide: a 5-minute money game with the key points below.

This lesson is in the full version.

Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Work, Payslips & Tax is free for everyone.

Questions you'll answer

When does the UK tax year end?

You get it when you leave a job → P45. Shows pay and tax so far this tax year — hand it to your next employer.
Summary of your pay and tax for the whole tax year, from your employer → P60. Given by 31 May if you're still in that job at 5 April.
Lists benefits in kind like a company car or private medical cover → P11D. Benefits in kind can be taxable — they may change your tax code.
Every pay day: gross, deductions, net → Payslip. Your regular receipt. Check every one.
Proves your income for a mortgage or after the tax year → P60. Lenders and landlords often ask for P60s.
Myth: “If you lose your P45, you can't start a new job.” — You can — you'll fill in a starter checklist instead. You may be on an emergency code for a bit.
Fact: “Benefits in kind, like a company car, can be taxed.” — They're reported on a P11D and can reduce your tax code.
Fact: “You can see past years' income and tax in your HMRC online account.” — Handy if you've lost your P60s.