Difference between total pay in account and implied P60 income

caldi9

Good evening, 

After adding my monthly salary in the tax year I see that there is a gap between my income received and the implied income shown on my P60 (= pay - tax deducted). 

In other words, there is a sum that I was not paid.

For example, let's say total salary paid in account was 40k. Total pay shown on the P60 was 65k and tax deducted 20k which implies a total salary of 45k. In that case 5k (=45k from P60 versus 40k received in bank account) are missing in my account. Is the difference the national insurance contribution? Are there any other amounts on top of the NIC that could explain the difference of 5k?

Thanks

molerat

Tax, NI, pension are all possible deductions from gross pay.

p00hsticks

Pension contributions ?

Do you not get monthly payslips. It should be straightforward to reconcile them with the P60 figures and what you are actually getting in your account each month?

Dazed_and_C0nfused

Your P60 generally doesn't reflect either salary or "income received".

It should show the taxable pay received from the employer or pension payer that issued it.

And has a separate field that can be used for taxable pay from previous employment(s).

caldi9

p00hsticks said:

Pension contributions ?

Do you not get monthly payslips. It should be straightforward to reconcile them with the P60 figures and what you are actually getting in your account each month?

No pension contribution. Is the NI paid on top of taxes or is the NI part of the taxes paid? 

Even if the difference is due to the NI, there is still an amount left that I was not paid.

molerat

NI is in addition to tax and will be shown on a separate entry on the P60.  Your payslips will give a better view of what is being deducted.

[Deleted User]

In the example given of £65000 the NIC would be £4960 - fairly close to £5000?

So £65000 less PAYE £20000 less NIC c5000 is £40000.

chrisbur

caldi9 said:

Good evening, 

After adding my monthly salary in the tax year I see that there is a gap between my income received and the implied income shown on my P60 (= pay - tax deducted). 

In other words, there is a sum that I was not paid.

For example, let's say total salary paid in account was 40k. Total pay shown on the P60 was 65k and tax deducted 20k which implies a total salary of 45k. In that case 5k (=45k from P60 versus 40k received in bank account) are missing in my account. Is the difference the national insurance contribution? Are there any other amounts on top of the NIC that could explain the difference of 5k?

Thanks

In the "example" you give it appears that your tax code is something in the region of K385. Is that correct?
If when you say "For example, let's say" you have just used some random figures then a better explanation can be given if you say what the correct figures are.  If however you are on K385 then as advised the explanation is the NI figure.