Payslips are essential documents that employees receive from their employers every pay period. They show how much money an employee has earned, how much tax and national insurance contributions have been deducted, and any other deductions made. But what happens if you lose your payslip? Losing your p60 can be frustrating and stressful, but it’s not the end of the world. This article will guide you through what to do if you find yourself in this situation.
What happens if I lost my payslip?
Check if your employer can provide a duplicate payslip
If you’ve lost your p60, the first thing you should do is contact your employer and ask if they can provide a duplicate. Most employers will be able to do this, so it’s worth asking. If you’re lucky, your employer may even be able to email a copy of your payslip to you.
Use your bank statement to calculate your earnings
If your employer can’t provide a duplicate payslip, don’t worry. You can use your bank statement to calculate your earnings. Your bank statement should show the amount of money that was deposited into your account by your employer. You can use this information to calculate your earnings by subtracting any other deposits from your employer that are not related to your pay.
Contact HM Revenue and Customs (HMRC)
If you’ve lost your p60 and you’re unsure how much tax and national insurance contributions you’ve paid, you can contact HMRC for help. HMRC can provide you with the information you need to calculate your earnings and tax contributions.
Understand the consequences of losing your payslip
Losing your p60 can have consequences, especially if you need to provide proof of income. Here are some of the consequences of losing your payslip:
- Difficulty applying for credit: If you’re applying for credit, such as a loan or a credit card, you may need to provide proof of income. Losing your p60 can make this more difficult.
- Difficulty applying for a mortgage: If you’re applying for a mortgage, you may need to provide proof of income. Losing your p60 can make this more difficult.
- Difficulty applying for benefits: If you’re applying for benefits, such as Universal Credit, you may need to provide proof of income. Losing your payslip can make this more difficult.
Keep your payslips safe in the future
To avoid the stress of losing your p60 in the future, it’s important to keep them safe. Here are some tips to help you do this:
- Create a file for your payslips: Keep all of your p60 in one file so that they’re easy to find.
- Make copies: Make a copy of your p60 and keep it in a safe place.
- Store them electronically: If your employer provides electronic p60, save them to your computer or another secure device.
Q: How long should I keep my payslips? A: You should keep your p60 for at least three years.
Q: What if my employer refuses to provide a duplicate p60? A: If your employer refuses to provide a duplicate p60, you can use your bank statement to calculate your earnings.
Losing your payslip can be a stressful experience, but there are steps you can take to minimize the impact and ensure you have the information you need to calculate your earnings and tax contributions. It’s always a good idea to keep your payslips safe in the future, whether that means creating a file, making copies, or storing them electronically. If you need additional help, don’t hesitate to contact HMRC or speak to an advisor. Remember, losing your payslip may have consequences, so it’s important to take steps to prevent it from happening again. Stay organized and keep track of your finances, and you’ll be well-prepared for whatever comes your way.