Payslips are handed out to employees regularly, often on a monthly basis to confirm the amount that has been transferred into their account, and these should be kept for future reference. The really important wage slips however is the P60 that you receive at the end of each year and the P45 document which is updated each time you terminate your employment with a certain organisation. These are not only important for your own personal records and for book keeping (and can help you fill out tax returns), but also act as your proof of salary Ė both tax deductable and non deductable.
The reason this is so important is that it gives you some form of proof if you get into any kind of dispute with HM Revenue and Customs and can be used to claim back any tax if you find out youíve been paying too much. They are also important if you wish to begin working for another company as evidence of your previous salary, and if you wish to take out a loan or mortgage to show that you can pay them back.
Unfortunately itís not at all uncommon that people mislay their P60 as well as their P45s which can make loans or mortgages difficult to acquire and cause problem when starting a new job. As they exist as just one fairly small piece of paper each, it can be easy to lose them among other papers and files Ė so itís crucial that you use some kind of appropriate filing system to store them carefully where they can be easily retrieved. Even when they are carefully stored however itís common that they are subject to spillages or other damage that makes them invalid. Furthermore itís possible that some organisations simply wonít give you a payslip or P45 Ė either because theyíve genuinely forgotten or as a wall to avoid paying taxes themselves. Alternatively it may be because you left the company before the end of the tax year. Itís easy then if youíre unaware of their importance to forget these yourself if they arenít presented to you and it can be awkward to request them if you leave on bad terms. However, in all such cases you should demand that you receive your P60 at the end of each tax year and your P45 upon leaving. In other cases you will find that your P60s are handwritten which can make them invalid. Any company with employees, and any replacement payslips company, should use SAGE or other approved software to print them.
Any of these situations are particularly problematic as your wage slips cannot be reissued. If you miss your P60s or lose or damage them subsequently then this will leave you unable to get another from your employer. Fortunately in the case of P45s this is not terribly important as you can fill out a P46 upon starting a new job - the information from which will be carried over to a new P45 when you leave (though it can still prove very handy to have one, if only to secure that next job in the first place). If you lose your P60 you may be able to get the information from HM Revenue and Customs as they keep a copy of the information for their files in a form called the P14.
Alternatively you can get replacement payslips from many companies online which will use Sage software to give you authentic payslips that can be used for all the same purposes.
Article Directory: http://www.articletrunk.com
If you have lost your payslips, you can also contact Replacement Payslips Specialists. They are a leading replacement payslips provider in UK.
Please Rate this Article
Not yet Rated