Are you working in the UK and send money to India or your home country? If so, did you ever think about the P60 form? This article will throw light on the form called P60. It is a document that is used in the United Kingdom. It encompasses all the necessary information concerning tax payments by an employee working in the UK. We will see its different aspects and try to answer a few questions about P60.
England has always attracted people from around the world. Whether you wish to go to the UK as a tourist to see and study its rich heritage and glorious past or seek better employment, the UK will never disappoint you. Similarly, people from an African country Senegal prefer to go to the UK for better work opportunities, and their success rate is high in finding jobs there.
After they earn, these Indian expatriates send money to their home country using conventional wire transfers via banks or through some internationally acclaimed online money transfer companies such as ACE Money Transfer.
Here is, however, the detail about a P60 form knowing which can be beneficial for expatriates who plan to go to the UK for better employment and for money transfer to India to support their families.
P60:- A P60 is a statement that shows the total tax and national insurance (NI) contributions you have made in the previous tax or financial year. As an employee, you will have one P60 at the end of every tax year.
When to get P60:- In the UK, the tax year starts and ends from April 6th to April 5th. Ideally, you should be able to get your P60 as employee latest by May 31st. The convenience in getting this document is that you will either get it in hard or through email by your employer. It bears keeping in mind that if you do not get this document by the date mentioned above, you reserve the right to request your employer to issue one.
In case a P60 is lost, it is important to keep this document safe with you to present as proof of how much you have contributed in tax and national insurance in the past if the need arises at any point in time. But, if you have it lost or misplaced, you can ask request your employer for another copy.
How to get a P60:- There is technicality involved in getting this P60. All you, as an employee, have to keep in mind is to ensure your employer prepared it timely and gives it to you within the stipulated dates. It is for your employer to ensure its provision. In case you are employed at more places than one, you will get a P60 each from your different employers. There is no complexity involved. Your online money transfer to India as an expatriate will not be included in the form but your tax details.
P60’s needs:- If you think you have made an overpayment of tax, you can cross-check it with your P60. It will clear your confusion. You can also present it as proof of your income. It can also be used during the process of getting loans or mortgages or while applying for tax credits.
Mistakes in P60:- A mistake or misinformation in your P60 can be rectified by contacting and visiting Her Majesty’s Revenue and Customs (HMRC) department.
Difference between P45 and P60:- A P45 will be issued on the termination of jobs due to any reason and if lost cannot be had. It contains all the details of the taxes you have in a certain period. A P60, on the other hand, is issued every fiscal year and gives an overview of a given tax year. And in case it gets lost, its new copy can be issued by the employer.
Can a self-employed person have P60? A P60 form is only issued by your employer. There is no other way you can have a P60. If you are self-employed or own a business, you cannot issue a P60 to yourself no matter how big it is.
A P60 looks like: A P60 form is a paper with different sections printed on it that require filling. There is no complexity involved in this simple piece of paper.
Conclusion:- We have thoroughly understood the P60 form and all the important information it entails. The important point to note here is the procedure of getting it. Who will issue it and what happens in case wrong information is filled on this form. An employee is advised to keep the dates we have mentioned above in mind and remind their employer of the issuance of the document. Because a delay in matters related to the tax matters can invite troubles, which aggravate and lead to other tax-related and job-related complexities in a foreign land. But, this piece has hopefully covered all the important dimensions of a P60 form. Every expatriate should keep an eye on the tax they pay for living in the UK and send money to India online to avoid any trouble and loss.