In the UK and 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.
In Ireland, it details a taxpayer's taxable income and deductions made by PAYE, PRSI (Pay Related Social Insurance), health levy, and Universal Social Charge (which replaced the income levy that had 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.
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 PAYE (both for income tax and National Insurance contributions) for that year. Historically, it was the third part of a triplicate form, the front two parts being P14 (End of Year Summary). P14 part 1 was sent to the Contributions Office, P14 part 2 was retained by the tax office with which the PAYE scheme is registered, however P60 (never referred to as P14 part 3) continues to be issued to the taxpayer. The P60 has to be given to employees (and by the Department for Work and Pensions to those claiming taxable benefits such as Jobseeker's Allowance) by 31 May. Parts 1 and 2 of the P14 were rendered redundant by RTI at the beginning of the 2013/2014 tax year.
- Taxation in the United Kingdom
- United Kingdom employment law
- Form W-2, the equivalent for US workers
- T4, the equivalent for Income taxes in Canada
- PAYE forms: P45, P46, P60, P11D - DirectGov
- 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