Ask PayslipIQ · Last reviewed 2026-05-08
What is the difference between a P45 and a P60?
A P60 is an annual statement issued by 31 May summarising your total pay and tax for the tax year just ended (6 April to 5 April). A P45 is issued when you leave a job, summarising your pay and tax in that job up to your leaving date. P60 is yearly, P45 is per-job.
PayslipIQ provides educational information and estimated calculations only. It does not provide tax, legal, financial, payroll, accounting, pension, benefits or employment advice. Always verify your payslip, tax code, deductions and take-home pay with your employer's payroll department, HMRC, your pension provider, a qualified accountant, tax adviser or another appropriately qualified professional.
Keep your P60s. Mortgage lenders, HMRC reconciliations, and benefit applications often need them.
If you change jobs mid-year, your P45 is what carries your YTD figures from the old employer to the new, so PAYE continues seamlessly. Always give the new employer your P45 promptly to avoid emergency tax.
If you have lost a P60 or P45, your old employer can issue a copy. HMRC's personal tax account also shows the same figures, often updated within days of each pay period.
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Reviewed by PayslipIQ Editorial. Sources cited where applicable.
PayslipIQ provides educational information and estimated calculations only. It does not provide tax, legal, financial, payroll, accounting, pension, benefits or employment advice. Always verify your payslip, tax code, deductions and take-home pay with your employer's payroll department, HMRC, your pension provider, a qualified accountant, tax adviser or another appropriately qualified professional.