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Spring cleaning

April brings the start of the new tax year. This is a good time for you to review your pay arrangements and check out the impact upon your personal finances of tax changes announced in the Budget and of other newly-introduced Government legislation which comes into effect now. ON FORM

ON FORM

The first issue to consider is bringing details of your last year's employment up to date. At this point, the end of the previous tax year 2000/2001, your employer should provide you with a form P60 which summarises your earnings and tax and National Insurance deductions in their employment up to the end of March 2001. Receiving this will confirm to you that they, or their payroll service, have been keeping proper tax records on your behalf and paying your tax and NI to the Inland Revenue. You will need your P60 as proof of earnings when applying for a mortgage or a loan, or to rent a flat, or to apply for a tax rebate if you are due one. So it is important to keep this document in a safe place for future reference.

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