A P60 shows the tax an employee has paid on their salary in the tax year (6th April to 5th April).
Employers MUST give employees a P60 if they are working for them on the 5th April. This guide offers advice on printing P60’s from the Qtac software, if the employee left your employment before the 5th of April you need to give the employee a P45 instead.
Why do I need to issue P60’s
Employees need a P60 to prove how much tax has been deducted from their salary. It can also be used by the employee to claim back overpaid tax, apply for tax credits or use as proof of your income if applying for a loan/mortgage.
Everyone with active employees on their payroll as of the 5th of April needs to produce P60’s at the end of the tax year.
Printing Electronic (plain paper) P60’s
Did you know that, just like with P45’s, you can actually print P60’s onto plain paper?
HMRC have now eliminated the need to produce P60’s on official stationery which means you don’t need to order the forms from them anymore. Qtac can print a P60 on to plain paper for you. If you want to print a ‘Plain Paper P60‘, then you can find it under ‘Reports > Year End > Electronic P60’. This is a perfectly legal document and you do NOT have to print P60’s on official HMRC stationery. HMRC also allow for this report to be exported to a .PDF format and emailed to the employee.
P60’s are ONLY generated for employees actively employed at the end of the tax year. This means that you will not be able to generate a P60 for an employees who is set as leaver.
