My P60 is incorrect.. I've a question or two

Kuztardd

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greyteam1959

Are you sure one is not gross pay and the other nett pay ??????????????

oldwiring

The P60 is concerned with taxable earnings not gross. Certain things like Patroll giving and I believe Pension Contributions are deducted form the gross figure to get to the P60 amount. My P60 has a footnote of the gross. Could that be what has happeded with you?

ctm_2

Are you sure that you are looking at the correct payslips. Remember that the tax year runs from 6 April one year to 5 April the next, so for the 2006 P60 total up all payslips with a date of after 6 April 2005 up to 5 April 2006.

interest_Ted

Here is a tip. Compare your P60 only to the last of your payslips for the tax year in question. It should show the 'year to date' figures and these should marry up quite nicely with your P60. Depending on what is actually shown on your payslip (some give more info than others) you may be able to deduce where the £3k went, or it may even be stated.

In my experience, it is usually pension contribs that cause such a discrepancy.

Most payroll systems are computerised these days, and there are various end of year checks that are made before finalising everything, so IMHO it is very unlikely that the P60 would be wrong. I'm pretty sure that your payroll manager would be able to explain if you are still baffled.


Ted

jennifernil

It's not gross pay and nett pay, it is gross pay and taxable pay. The taxable pay is after your pension payments are deducted , as they are not taxed. Nett pay is the pittance you have left after all deductions!