Student Finance Lost P60

Losing your P60 can be frustrating, especially when dealing with student finance. A P60, or End of Year Certificate, summarizes your earnings and the tax you’ve paid during a specific tax year (April 6th to April 5th). While not strictly *essential* for everything related to student finance, it can be useful in certain situations and its absence can cause minor inconveniences.

So, what happens if you’ve misplaced yours? Here’s a breakdown:

Student Loan Repayments and Your P60: The Student Loans Company (SLC) receives your income information directly from HMRC (Her Majesty’s Revenue and Customs) through the PAYE (Pay As You Earn) system. Your employer reports your earnings and tax deductions to HMRC, who then share this data with the SLC. This means the SLC generally doesn’t need you to provide your P60 for loan repayment calculations. Your repayments are automatically adjusted based on your salary, as tracked by HMRC.

Why a P60 *Might* Be Useful: Although not typically required, a P60 could be helpful in the following scenarios:

• Disputing an Incorrect Assessment: If you believe your loan repayments are being calculated incorrectly, having your P60 readily available can help you verify your reported income and identify any discrepancies with HMRC’s records. It acts as solid proof of your earnings and tax paid.
• Applying for Certain Types of Support: Some forms of government support, such as Universal Credit, might require proof of income. While alternatives exist, your P60 provides a convenient and official summary.
• Reconstructing Tax Records: In rare cases, your P60 can be used to reconstruct lost or incomplete tax records, although this is usually handled directly with HMRC.

What To Do If You’ve Lost Your P60:

1. Contact Your Employer: Your employer is legally obligated to provide you with a copy of your P60. Request a duplicate from them. They may have digital copies they can easily resend.
2. Contact HMRC: If you can’t get a copy from your employer (e.g., the company no longer exists), contact HMRC. They can’t directly provide a duplicate P60, but they can often provide confirmation of your earnings and tax paid for the relevant tax year. You’ll likely need to verify your identity.
3. Access Your Personal Tax Account: You can access your personal tax account online through the Government Gateway. This account shows details of your income and tax paid for previous years, effectively providing similar information to your P60.

Don’t Panic! Losing your P60 isn’t a crisis when it comes to student finance. The SLC primarily relies on direct data from HMRC. Taking steps to obtain a copy or accessing your online tax records should provide the necessary information if needed.