| Payslips are handed out to employees regularly, | | | | or P45 – either because they’ve genuinely |
| often on a monthly basis to confirm the amount | | | | forgotten or as a wall to avoid paying taxes |
| that has been transferred into their account, and | | | | themselves. Alternatively it may be because you |
| these should be kept for future reference. The | | | | left the company before the end of the tax year. |
| really important wage slips however is the P60 | | | | It’s easy then if you’re unaware of their |
| that you receive at the end of each year and the | | | | importance to forget these yourself if they |
| P45 document which is updated each time you | | | | aren’t presented to you and it can be |
| terminate your employment with a certain | | | | awkward to request them if you leave on bad |
| organisation. These are not only important for | | | | terms. However, in all such cases you should |
| your own personal records and for book keeping | | | | demand that you receive your P60 at the end of |
| (and can help you fill out tax returns), but also act | | | | each tax year and your P45 upon leaving. In other |
| as your proof of salary – both tax deductable | | | | cases you will find that your P60s are handwritten |
| and non deductable. | | | | which can make them invalid. Any company with |
| The reason this is so important is that it gives | | | | employees, and any replacement payslips |
| you some form of proof if you get into any kind | | | | company, should use SAGE or other approved |
| of dispute with HM Revenue and Customs and | | | | software to print them. |
| can be used to claim back any tax if you find out | | | | Any of these situations are particularly |
| you’ve been paying too much. They are also | | | | problematic as your wage slips cannot be reissued. |
| important if you wish to begin working for | | | | If you miss your P60s or lose or damage them |
| another company as evidence of your previous | | | | subsequently then this will leave you unable to get |
| salary, and if you wish to take out a loan or | | | | another from your employer. Fortunately in the |
| mortgage to show that you can pay them back. | | | | case of P45s this is not terribly important as you |
| Unfortunately it’s not at all uncommon that | | | | can fill out a P46 upon starting a new job - the |
| people mislay their P60 as well as their P45s | | | | information from which will be carried over to a |
| which can make loans or mortgages difficult to | | | | new P45 when you leave (though it can still prove |
| acquire and cause problem when starting a new | | | | very handy to have one, if only to secure that |
| job. As they exist as just one fairly small piece of | | | | next job in the first place). If you lose your P60 |
| paper each, it can be easy to lose them among | | | | you may be able to get the information from HM |
| other papers and files – so it’s crucial that | | | | Revenue and Customs as they keep a copy of |
| you use some kind of appropriate filing system to | | | | the information for their files in a form called the |
| store them carefully where they can be easily | | | | P14. |
| retrieved. Even when they are carefully stored | | | | Alternatively you can get replacement payslips |
| however it’s common that they are subject | | | | from many companies online which will use Sage |
| to spillages or other damage that makes them | | | | software to give you authentic payslips that can |
| invalid. Furthermore it’s possible that some | | | | be used for all the same purposes. |
| organisations simply won’t give you a payslip | | | | |