Have you received your P60 yet? Before you banish it to a drawer, take a look at it; this document is very important and could be your gateway to getting a tax refund.
A lot of people aren’t sure how to decipher the information on their P60 so we’ve put together a handy guide. This gives information on the various parts of the form and explains what they mean.
So what is the P60? Well, the P60 provides a summary of the tax, PRSI and USC deducted by your employer in the tax year. Every employer is obliged to deduct tax based on the tax credit certificate issued to them by Revenue regardless of any other information they may have.
The tax credit certificate issued by Revenue is based on the information they hold in relation to you i.e. they may not be aware that you are entitled to certain additional credits if they have not been informed of this.
For this reason, it’s very important that you inform them. Otherwise, you could be missing out on tax credits that you’re entitled to. The P60 also speeds up the tax refund process as it gives an immediate insight into how much tax you’ve paid.
Free PDF guide to PAYE taxes in Ireland
By now, all Irish employees should’ve received their 2013 P60. The deadline for issuing P60s was last Saturday (15th February) but many employers would have provided them to staff before this date.