Many of those in employed roles will habitually ignore their payslip when it is posted or uploaded to their HR portal each month. I urge you all to take an interest in this important piece of financial information, to understand why there is a difference between gross and net pay and, importantly, how you are making (or not making) tax efficient pension contributions to your employer sponsored scheme.

A typical UK payslip usually includes the following features:

1. Employee Information: Your name, address, and sometimes your National Insurance (NI) number.
2. Payroll Number: A unique identifier for your payslip.
3. Payment Date: The date when you’ll receive your payment.
4. Earnings: Details of your gross pay, which includes your basic salary and any additional income, like overtime or bonuses.
5. Deductions: Information about the various deductions taken from your gross pay, such as income tax, National Insurance contributions, and pension contributions.
6. Net Pay: The amount you will receive after all deductions have been subtracted from your gross pay. This is your take-home pay.
7. Tax Code: A code used by HM Revenue & Customs (HMRC) to determine your income tax deductions. It reflects your tax-free allowance and other factors.
8. National Insurance (NI) Number: A unique number used for social security and tax purposes.
9. Pension Contributions: Details of any contributions made to your workplace or private pension scheme.
10. Employer’s Information: Your employer’s name, address, and sometimes their tax reference number.
11. Year-to-Date (YTD) Totals: A summary of your earnings and deductions for the current tax year up to the current pay period.
12. Leave Balances: If applicable, your remaining holiday or leave entitlement.
13. Other Information: Additional details may include student loan repayments, health insurance deductions, or other benefits.

Please note that the layout and specific details on a payslip will vary depending on the employer’s payroll system and any specific deductions or benefits you might have. If you have a specific question about a particular element on your payslip, feel free to ask for more information.

A P60 is an important document in the UK that summarizes an individual’s total earnings and deductions for a specific tax year. It is issued by employers to their employees at the end of each tax year, which runs from April 6th of one year to April 5th of the next year. The P60 is typically provided in a physical or electronic format.

The P60 includes the following information:

1. Personal Details: Your name, address, and National Insurance (NI) number.
2. Employer Information: Your employer’s name, address, and PAYE (Pay As You Earn) reference number.
3. Tax Year: The tax year for which the P60 is issued.
4. Total Earnings: The total amount you earned during the tax year, including your salary, bonuses, overtime, and other taxable income.
5. Total Deductions: The total amount of deductions made from your earnings, such as income tax, National Insurance contributions, and pension contributions.
6. Tax Code: Your tax code at the end of the tax year, which reflects your tax-free allowance and other factors affecting your income tax.
7. National Insurance Contributions (NICs): Details of the National Insurance contributions you made during the tax year.
8. Other Deductions: Any other deductions, such as student loan repayments or charitable donations through payroll giving.

We hope you find this useful