Tax Rebates & Refunds

The P60 form – A tax rebate indicator

February 26, 2011
Posted in Income Tax — Written by Chris

The P60 form is provided by companies at the end of the tax year to their employees. The form contains information on taxes paid and income earned during a financial year. It also contains information like the tax code and the PAYE number of an employee.

When does someone receive a P60?

A P60 form is generally given to employees 2 weeks before the closure of a financial year. This is generally around the 5th of April. In case of a delay, employees should check with human resources or the finance department of their company.

The importance of the P60 form

A person working in the United Kingdom has to have a P60 form. It is considered illegal not to submit a P60 form by the end of the financial year. The form is also helpful when filing for tax rebates. The form assists government authorities give back tax to earning citizens. The chance of fraud occurring is also minimised because individuals can show proof of income on the P60 form while claiming a tax rebate. The form is also essential for those who want to apply for a loan or mortgage.

Getting a replacement

It is important to keep the P60 form safe. However, if the form is lost, an employee can get a duplicate form from his or her employer. However, the word duplicate has to be mentioned on the form. The Inland Revenue Department also accepts a Statement of Earnings certificate. This has to be printed onto the employer’s letterheaded paper.

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