P60 vs P45 vs P11D: Which Form Does What? | AccountingStack

The P60 is your end-of-year statement, issued by your employer by 31 May, summarising your total pay, tax, and NI for the tax year. The P45 is your leaving statement, issued when employment ends, giving the next employer your year-to-date pay and tax code. The P11D reports benefits in kind (company car, private medical insurance, beneficial loans) to HMRC by 6 July, with Class 1A NI on the value of those benefits paid by the employer. Each form has a different purpose, deadline, and audience.

This guide explains each form, what it shows, when it is issued, and what to do if you have lost one.

P60: annual summary

A P60 is a year-end statement issued by your employer to every employee still in employment on 5 April. It summarises:

• Total pay during the tax year
• Total income tax deducted under PAYE
• National Insurance contributions
• Statutory payments received (SSP, SMP, SAP)
• Student loan deductions

Your employer must issue a P60 by 31 May following the end of the tax year. The form can be paper or electronic. Most modern payroll software issues P60s digitally through a portal.

What you use it for:

• Filing a Self Assessment return (the P60 confirms employment income figures)
• Mortgage applications (lenders ask for the most recent P60 as income evidence)
• Tax credit and benefit claims
• Proof of UK tax residency if relevant

Keep your P60 for at least 22 months after the end of the tax year for HMRC purposes, longer if you file Self Assessment.

P45: leaving statement

A P45 is the form your employer gives you when your employment ends. It transfers your year-to-date pay and tax position to your next employer (or to HMRC if you do not have a next employer).

The P45 has four parts:

• Part 1. Sent to HMRC by the leaving employer
• Part 1A. For the employee’s records
• Part 2. Given to the new employer to keep
• Part 3. Given to the new employer who completes it and sends to HMRC

What it shows:

• Your name, NI number, and employer’s PAYE reference
• Date of leaving
• Tax code at leaving date
• Total pay and total tax in the tax year up to the leaving date
• Whether week 1 / month 1 (non-cumulative) tax basis applied

Without a P45, your new employer applies an emergency tax code, which often results in temporary over-deduction until HMRC confirms your correct position. Always pass Parts 2 and 3 to your new employer on day one of new employment.

If you start a new job and you do not have a P45 (for example, your previous employer was slow to issue it), use a starter checklist to give your new employer enough information to apply a sensible tax code.

For the broader picture of how PAYE works, see how to take on your first employee.

P11D: benefits in kind

A P11D reports non-cash benefits given to employees that are taxable (benefits in kind). Examples:

• Company car (taxed on the manufacturer’s list price + CO2 multiplier)
• Private medical insurance
• Beneficial loans (interest-free or low-interest above £10,000)
• Living accommodation provided
• Vouchers and credit tokens
• Assets transferred or made available
• Class 1A NI on the value of benefits

Filing deadlines:

• P11D to HMRC by 6 July following the end of the tax year
• P11D(b) (employer summary) also by 6 July
• Class 1A NI payable by 22 July (electronic) or 19 July (postal)
• Copy to employee by 6 July (so they can include benefits on their Self Assessment if applicable)

Class 1A NI is paid by the employer at the same rate as employer’s NI on cash earnings. There is no employee NI on benefits in kind.

Payrolling benefits as alternative

Since 2016, employers have been able to “payroll” benefits in kind — including the value of the benefit in monthly payroll calculations and reporting through RTI rather than annually on a P11D. Payrolling has been gradually expanded; from April 2026 most benefits are payrolled by default.

Where benefits are payrolled, no P11D is required for those specific benefits, but the P11D(b) and Class 1A NI rules still apply.

Comparison summary

What to do if you have lost one

For a missing P60:

• Check your payroll software portal first — most modern employers retain P60s digitally
• Ask your employer for a duplicate
• Failing that, your HMRC personal tax account holds the underlying data and you can view your end-of-year position online

For a missing P45:

• Ask your previous employer to reissue (employers must keep the data)
• If unavailable, use the starter checklist with your new employer
• HMRC will issue an updated tax code via the new employer’s RTI feed once your year-to-date position is confirmed

For a missing P11D:

• Ask your employer for a copy
• If you need it for Self Assessment and it is unavailable, contact HMRC who can confirm the benefits-in-kind values from the employer’s P11D(b) submission

Director-specific points

Two issues directors should watch:

Director loan accounts on P11D Section A

If your director loan account becomes overdrawn during the tax year, HMRC may treat the overdrawn amount as a beneficial loan, reportable on P11D Section A. Beneficial loans below £10,000 are usually exempt; above that, the value is calculated as the official rate of interest applied to the average balance.

Section 455 tax

Separately from P11D, if a director loan account is overdrawn at the end of an accounting period and not repaid within nine months of period end, the company pays section 455 tax at 33.75% of the outstanding amount. The tax is refunded when the loan is repaid.

Key takeaways

• P60 is the annual statement of pay and tax, issued by 31 May
• P45 is the leaving statement, transferring your tax position to the next employer
• P11D reports benefits in kind to HMRC, due by 6 July
• Class 1A NI is paid on benefits in kind, by 22 July (electronic)
• Payrolling benefits replaces P11D for most benefits from April 2026 by default
• Director loan accounts can trigger both P11D Section A and section 455 tax

Frequently asked questions

What is the difference between a P60 and a P45? A P60 is a year-end summary issued to employees still in employment on 5 April, due by 31 May. A P45 is a leaving statement issued when employment ends, transferring your year-to-date pay and tax to your next employer.

When should I receive my P60? By 31 May following the end of the tax year. Most modern employers issue P60s digitally through a payroll portal.

Do I get a P45 if I am made redundant? Yes. A P45 is issued whenever employment ends, regardless of the reason — resignation, redundancy, or dismissal.

What is a P11D? A form reporting taxable benefits in kind (company car, private medical, beneficial loans) given to employees during the tax year. Due to HMRC by 6 July; copy to employee by the same date; Class 1A NI payable by 22 July.

What if I lose my P60? Most employers retain digital P60s and can reissue. Failing that, your HMRC personal tax account holds the underlying year-end position online.

Useful resources

HMRC — P60, P45, P11D explained https://www.gov.uk/paye-forms-p45-p60-p11d

GOV.UK — Personal tax account https://www.gov.uk/personal-tax-account

HMRC — Payrolling employees: taxable benefits and expenses https://www.gov.uk/guidance/paying-your-employees-expenses-and-benefits-through-your-payroll