A P60 is a form summarising gross earnings and tax deductions during a tax year (6 April to 5 April).  It is issued to people who are employed by someone and receive a payslip under a PAYE scheme.  Here are some of the common scenarios a self employed individual may find themselves in and whether they should expect to receive a P60:

You are Employed and Self Employed

If you are employed and receive a payslip, then you should expect to receive a P60 which details how much your employer paid you in one particular tax year.

Your P60 will not include any of your self employment earnings, so you must make sure you keep hold of your P60 because you will need to include details from this form on your self assessment tax return.

You are Self Employed

When you are self employed you will draw your salary from your earnings and then declare your business income on a self assessment tax return.  You are not employed so should not expect to receive a P60

You Are a Director of A Limited Company and Receive a Salary

If your Limited Company and take a salary through a payroll scheme then you need to issue your own P60 or get your accountant to do this for you.

What is a P60?

Anita is a Chartered Accountant, turned blogger and creator of the ever popular free Go Self Employed Email Mini Course, which has been completed by hundreds of attendees all over the UK. Using her 10 years experience in accounting, tax and operations for Small Businesses, Anita is on a mission to make finance simple for the self employed, so they can stop stressing about tax & finances and focus on building profitable businesses which will give them the lifestyle they dream of.