P60 - what should I do with it?

D

dtwo04

Guest
Hi all,
I just got (a copy of?) my P60 from my employer.
What should I do with it??
What are the key things I should check or look at in this document? & why?

(Sorry for asking basic questions but I hope you don't mind)
Thanks
D
 
Did you read the bits in red on it ("To the employee..." etc.)?

You should check that the figures are correct - e.g. gross income, tax paid, PRSI deducted etc. and that you claimed all relevant credits/allowances for the year. If you suspect that there are any discrepancies then you should contact Revenue with any relevant details and ask them to do a P21 balancing statement.
 
As clubman said check all the amounts paid. Also check right hand colum that correct number (52 if you have been working for the full year) of PRSI payments are recorded at the correct rate (usually A)

Then keep this and every other P60 you get in the coming years forever. You will note the warning on P60 that this is an important document and cannot be re-issued.

If for any reason you feel any of the figures are not correct and you wish to claim tax refund send copy to Revenue
 
Thanks ClubMan

Yes read the red bits but for a non-financial head like me - it was just a whole lot of financial jargon and words I was unfamiliar with. (Like most things within Financial arena - I can't seem to get passed the jargon)
 
Just got my P60 in work. The bits in red are hardly impenetrable jargon/legalese as far as I can see...
 
You can check the Revenue website to see what tax credits and what cut off rate (i.e. at what amount you have to start paying tax at 41%) you are entitled to. The following link is the new 2008 rates compared with the 2007 rates.

[broken link removed]

At the top of your P60 on the right, it states the tax credits and cut off point that were used to calculate the tax on your salary for the year. If these amounts don't agree to the amount of tax credits and cut off that you think you are entitled to, then you may be entitled to a refund.
 
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