Tax Rebates & Refunds

The importance of the P60 tax document

July 1, 2011
Posted in Income Tax — Written by Jennifer

Not many people know that the P45 and P60 are important tax documents. They have detailed information about your earnings and amount of tax paid every year. If you have being placed on an incorrect tax code, it can be found out through a P60. It is also an important document required for claiming tax back from HMRC.

How and when you can get your P60

A P60 is a tax document that your employer will provide you with by the end of every tax year. In case your employer does not provide you with a P60, or if you misplace it, you can ask the employer to provide you with a statement of earnings. As this document is provided on company headed paper, it can be used as an alternative to your P60.

How to claim tax back using a P60

There are times when people overpay on their taxes. This can happen due to several different reasons. Tax overpayment commonly happens when individuals are put on the wrong tax code. If the same has happened with you, then you may end up paying up to 20% more than the normal income tax amount.

There are now tax refund calculators available on the internet. You just need to enter the values into this calculator to find out about the amount of overpaid tax. Once you are familiar with this, you can fill in a tax refund application and submit it to the nearest tax office. Taking up the offer of professional help would enable you to get the job done effectively.

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