P60 vs Payslip: Which One Matters More for Tax and Proof of Income?
P60 and payslip — both documents show your pay, both come from your employer, but they serve completely different purposes. Knowing the difference matters when you’re applying for a mortgage, proving income to a landlord, or checking your tax record.
What is a payslip?
A payslip is issued every time you’re paid — weekly, fortnightly, or monthly. It shows your earnings and deductions for that specific pay period:
- Gross pay for the period
- Income tax (PAYE) deducted
- National Insurance contributions
- Student loan repayments (if applicable)
- Pension contributions
- Net pay — the amount transferred to your bank
- Year-to-date (YTD) cumulative totals
Employers are legally required to provide a payslip on or before each pay date. Payslips are proof of your current earnings and recent pay history.
What is a P60?
A P60 is issued once a year, after the tax year ends on 5 April. It shows your total earnings and all deductions for the entire tax year:
- Total gross pay for the year
- Total income tax deducted
- Total National Insurance contributions
- Student loan repayments for the year
- Your tax code at 5 April
- Your employer’s PAYE reference
Employers must issue your P60 by 31 May. It is your official end-of-year tax certificate — the annual summary that ties together all your monthly payslips.
P60 vs payslip — the key differences
| Payslip | P60 | |
|---|---|---|
| How often issued | Every pay period | Once a year (by 31 May) |
| What it covers | That pay period only | Full tax year totals |
| Proof of current income | Yes — shows current salary | No — shows last year’s income |
| Tax year totals | YTD only (not final) | Complete annual figures |
| Mortgage applications | Yes — recent 3–6 months | Yes — last 2–3 years |
| Self-assessment returns | Not usually | Yes — used for annual figures |
| Tax rebate claims | Helpful but not definitive | Primary document used |
Which do lenders and HMRC prefer?
Mortgage lenders typically ask for both: recent payslips (last 3 months) to confirm your current salary, and the last two or three years of P60s to verify your earnings history. Some lenders also ask for a full year’s bank statements.
HMRC uses your P60 figures to verify your annual tax record. If you submit a self-assessment return, P60 figures are the primary reference for your employed income.
Landlords and letting agents often accept either, but may ask for 3 months of payslips as the quickest proof of current earnings.
What if you’ve lost your payslip or P60?
For lost payslips, contact your employer or check your online payroll portal. Many employers issue digital payslips that are available to download at any time.
For lost P60s, check your payroll portal first, then ask your employer. HMRC can provide a statement of earnings as an alternative. Or OS Payroll can produce replacement documents for both payslips and P60s.
→ Create a replacement payslip or P60
Frequently asked questions
Is a P60 better than a payslip as proof of income?
It depends on what’s being asked. A P60 is better for annual income verification (mortgage, tax return, visa). A payslip is better for confirming your current salary. Mortgage lenders typically want both.
Can I use a payslip instead of a P60?
Sometimes — it depends on who’s asking. Some organisations accept recent payslips as proof of income. But lenders specifically requiring a P60 won’t accept a payslip in its place.
What is YTD on a payslip and how does it relate to my P60?
YTD (Year-to-Date) shows your cumulative earnings and deductions since 6 April. Your final payslip of the tax year should show the same YTD totals as your P60. If they don’t match, there’s likely an error.
Do I get both a payslip and a P60 from each employer?
Yes — you receive payslips every pay period and a P60 once a year from each employer, as long as you’re still in that job on 5 April.
This post is for general information only and does not constitute financial or tax advice.