What is on the Payslip?
The following is usually shown on the payslip;
- Your earnings before and after any deductions
- The amount of any deductions that may change each time you’re paid, eg tax and National Insurance
What is a P60 and do I need to issue it to employees?
A P60 is a summary of all the income and benefits the employee has on record over the year, along with the deductions made for the same year. The P60 is issued by the 31st of May and if the employer cannot print a copy of this and provide it to the employee they are bound to get a copy from the HMRC (Her Majesty’s Revenue and Customs) and hand it to the employee.
As an employer what is the significance of reporting employee summaries?
As an employer, you’re bound to submit an EOY (end of year) report to HMRC for each individual employee along with the list of benefits and expenses provided by you to each of them. You would have to use a P110 form for the submission of this document appropriately, ensuring the government has complete knowledge of the employees pay, as well as the benefits offered to them by their employer.