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Unit 2 Topic 8 - Coggle Diagram
Unit 2 Topic 8
Income Tax
Tax paid on incomes, such as wages, profits and pensions.
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Form P60
Issued by an employer at the end of the tax year. It details an employee’s total earnings, tax code, income tax, and National Insurance (NI) deductions for that year. Used for official income reporting to HMRC.
Form P45
Given to an employee when they leave a job. It shows earnings, tax code, and deductions up to the leaving date. The employee gives it to their next employer to ensure correct tax is applied; otherwise, emergency tax may be used.
