Payslip vs P60 vs P45: What Each Document Tells You

Your payslip, P60, and P45 are three different documents that record your pay and tax information. Each serves a distinct purpose, and understanding the differences helps you manage your tax affairs and respond to requests from lenders, HMRC, or new employers.

Your payslip

A payslip is issued every time you are paid: weekly, fortnightly, or monthly. It shows the breakdown for that single pay period plus year-to-date (YTD) cumulative totals.

Key information on a payslip:

• Gross pay for the period
• Income tax deducted
• National Insurance deducted
• Pension contributions
• Student loan repayments (if applicable)
• Net pay (take-home pay)
• Tax code and NI category letter
• YTD totals for gross pay, tax, and NI

Your employer is legally required to provide a payslip on or before each pay date. It can be paper or electronic.

Your P60

A P60 is an end-of-year summary. Your employer issues it after the tax year ends on 5 April, and you should receive it by 31 May. It covers the entire tax year and shows:

• Your total gross pay for the year
• Total income tax deducted
• Total National Insurance contributions
• Your tax code at the end of the year
• Your employer's name and PAYE reference

The P60 is the definitive record of your earnings and tax for the year. You need it for Self Assessment tax returns, mortgage applications, and tax refund claims. Your employer is required to provide one to every employee who is on the payroll on 5 April.

Checking your P60 against your payslips

The figures on your P60 should match the YTD totals on your final payslip of the tax year. If they differ, raise it with your payroll department promptly, as incorrect P60 figures can cause problems with HMRC.

Your P45

A P45 is issued when you leave a job. It contains four parts: Part 1 goes to HMRC, Part 1A is for your records, and Parts 2 and 3 go to your new employer. The P45 shows:

• Your tax code at the date of leaving
• Your total gross pay and tax paid from 6 April to your leaving date
• Your employer's name and PAYE reference
• Your National Insurance number

Your new employer uses the P45 to set up your tax correctly from day one. Without it, they may have to apply an emergency tax code, which can result in overpayment of tax. For more on this, see our guide on emergency tax codes.

When you need each document

Document	When issued	When you need it
Payslip	Every pay period	Checking monthly deductions, budgeting, mortgage evidence
P60	After 5 April each year	Self Assessment, tax refund claims, mortgage applications
P45	When you leave a job	Starting a new job, claiming benefits, tax refund claims

What if you do not receive one of these documents?

• Payslip: your employer is legally required to provide one. If they do not, raise it with them in writing. If they still refuse, you can contact ACAS or make a complaint to an employment tribunal.
• P60: must be provided by 31 May after the end of the tax year. If you do not receive one, ask your employer.
• P45: your employer must issue this when you leave. If they do not, contact HMRC, who can provide the information to your new employer directly.

Frequently Asked Questions

Can I use payslips instead of a P60 for my tax return?

HMRC prefers the P60, as it is the official end-of-year summary. However, if you do not have a P60, you can use your final payslip of the tax year (with YTD figures) as a reference. You should still try to obtain the P60 from your employer.

Do I get a P45 if I am made redundant?

Yes. Your employer must issue a P45 regardless of the reason you leave, whether you resign, are made redundant, or are dismissed.

What if I have lost my P45 before starting a new job?

Your previous employer is not required to issue a duplicate P45. Complete a starter checklist for your new employer instead. HMRC will eventually send the correct tax code to your new employer, and any overpaid tax will be refunded.

Is a P60 the same as a tax return?

No. A P60 summarises your PAYE earnings and deductions. A tax return (Self Assessment) covers all your income, including self-employment, rental income, and investment income. You may use your P60 as a source document when completing your tax return.

How long should I keep these documents?

Keep payslips for at least 22 months (to cover the current and previous tax year). Keep P60s for at least six years, as HMRC can enquire into your tax affairs going back that far.

Sources

• Payslips: employee rights (gov.uk)
• P60 end of year certificate (gov.uk)
• P45 and leaving a job (gov.uk)