This form is important for a number of reasons, both legal and personal, and if you have no P60 information it can cause considerable problems. Firstly, the law requires you to keep a record of any taxable income for six years. Realistically this means you should at all times know where your P60s are located. Itandrsquo;s highly recommended that you keep all your P60s somewhere safe - ideally in a filing cabinet or a ring binder so that they can be easily accessed when necessary.

This means that if requested, you can present a copy of your P60 for inspection upon request. This can be useful if you are under going a tax inspection as it can act as proof of your wages. Similarly it can be useful if you are reclaiming excess tax, which is difficult if you canandrsquo;t prove how much income youandrsquo;ve received. For anyone who needs to fill out a tax return a P60 can be very helpful.

If you are applying for a loan or mortgage you may be required to present your P60 in order to demonstrate that your earnings will allow you to pay it back. If your P60s are damaged or lost then it is important that you make efforts to obtain the information and one way to do this is with a replacement P60.


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