Hi there I'm Louise Harrington from performance accountancy and this video is just a quick one to explain what a P45 is and what a P60 is and looking at in relation to what you need to do for your self-assessment tax return this is obviously if you have to do a self-assessment tax return okay so let's get cracking I'm sure you'll be ever so excited, and we're not moving there we go so the question I often get asked by fans and actors is how do they know if they are being paid via pay as you go so pay as it is known well the way to tell is if you're given a payslip every week or every month and this will come from the business or individual that is effectively employing you if you are employed you are subject to pay as you go tax which is pay, and you're also subject to national insurance and this is class one national insurance not to get confused with your class two and class four if you are self-employed for any reason okay, so the employer is responsible for deducting these taxes from you as well as other deductions like um like student loan repayments that have to be if you've got any charges on your income they might have to statutorily sort of take them off you off your pay so the reason why you can tell whether you are being treated self-employed is or employed is on your payslip you should get each week or month whenever you pay is check the tax code and the NI code if it says tax code 1257l that definitely means you are being treated as a self-employed person especially the giveaway if they've actually deducted peer away from you...
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What you should know about Editable P60
- P60 form summarizes total earnings and deductions for the tax year.
- Editable P60 form available online without the need for downloads.
- P60 form is crucial for tax purposes and filing.
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About P60 Online
P60 Online is an electronic document that shows the summary of an employee's income and taxes paid during the fiscal year, April 6th to April 5th of the following year. It displays the total amount of taxable earnings received, the total amount of tax paid, national insurance contributions, and other deductions applied to the salary. The P60 Online is required by all employers in the UK to provide to their employees by the end of the tax year. The P60 Online is necessary for employees who need to file their personal tax return or claim back overpaid taxes. It is also crucial for individuals who are looking to apply for a mortgage or other types of loans, as they need to provide evidence of their income. The document also helps people who are moving to another country for work, as it verifies their earnings in the UK.
How to complete a Editable P60
- Enter the employee's details including surname, forenames or initials, works/payroll number, and National Insurance number
- Make sure to enter the tax year up to 5 April
- Keep the certificate safe
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