P45 (tax)

P45 (tax)

A P45 in the United Kingdom, and the Republic of Ireland is the reference code of a form titled Details of employee leaving work. The term is used in British slang as a metonym for termination of employment. The equivalent in the United States is a pink slip.

Contents

Summary

A P45 is issued by the employer when an employee leaves. It is a multipart form. In the UK, the front section, Part 1, is given by the old employer to Her Majesty's Revenue and Customs, who then record the pay and tax details on to the individual's taxpayer record. Part 1A is to be retained by the employee, Part 2 retained by the new employer, and Part 3 taken by the new employer and sent to their tax office. The P45 contains details of earnings and tax paid during the tax year (tax paid in previous years is detailed on the P60 for that year).

The "P" code refers to documents in the PAYE series, in the same way that self-assessment documents are prefixed "SA" (e.g. SA100 - Individual tax return) and Tax Credits paperwork is prefixed "TC" (e.g. TC600 - Tax credits application).

In the Republic of Ireland, P45 is also used as a reference to a form used by the Office of the Revenue Commissioners with the same function. The administrative procedures in this area are similar; however, the form itself is different in design from the UK version.

See also

Notes

References

External links


Wikimedia Foundation. 2010.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • P45 Magazine — Pays  Canada Langue Français Périodicité Hebdomadaire Genre Webzine Fondateur Nicolas Langelier …   Wikipédia en Français

  • P45 — may refer to: P45 (tax), a basic code for Details of employees leaving work in UK and Irish taxation Papyrus 45, a New Testament manuscript and part of the Chester Beatty Collection Pneumonoultramicroscopicsilicovolcanoconiosis, a long word in… …   Wikipedia

  • P45 — [ˌpi fɔːtiˈfaɪv ǁ fɔːrti ] noun [countable usually singular] TAX in Britain, an official document given to a person when they leave their job, showing how much money they have earned, and how much tax and national insurance they have paid during… …   Financial and business terms

  • P45 — UK [ˌpiː fɔː(r)tiː ˈfaɪv] US [ˌpi fɔrti ˈfaɪv] noun [countable] [singular P45 plural P45s] in the UK, an official document from a company that shows that you have stopped working for them and gives details of how much tax you have paid …   Useful english dictionary

  • Tax code (PAYE) — In the UK, every person paid under the PAYE scheme is allocated a tax code by HM Revenue Customs. This is in the form of a number followed by a letter or letters, or a letter followed by numbers. This code describes to employers how much tax to… …   Wikipedia

  • P45 — UK [ˌpiː fɔː(r)tiː ˈfaɪv] / US [ˌpɪ fɔrtɪ ˈfaɪv] noun [countable] Word forms P45 : singular P45 plural P45s in the UK, an official document from a company that shows that you have stopped working for them and gives details of how much tax you… …   English dictionary

  • P45 — n. (in United Kingdom) form given by an employer to an employee who is leaving a job (form states the tax and National Insurance contributions paid in the current tax year) …   English contemporary dictionary

  • P45 — (in Britain) an official form you are given when you leave a job, which shows how much tax you have paid. You give it to your employer when you start a new job. * * * …   Universalium

  • P45 — /ˌpi: fɔ:ti faɪv/ noun a form given to an employee who leaves a company, showing how much tax has been deducted from his or her salary …   Dictionary of banking and finance

  • Pay-as-you-earn tax — For other uses see Paye (disambiguation) Pay as you earn or PAYE refers to a system of withholding of income tax from payments to employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent… …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”