Mailing of P60 Tax Certificates 2023-24 update

What are P60s?

A P60 can also be referred to as a Tax Voucher, Tax Statement or Annual Tax Certificate. We send them every year to customers who have received a taxable income from us. It shows your final tax code, total income and tax deductions for the previous tax year. You should keep your P60 safe, as it may be useful in future if you are asked to prove your earnings or are asked questions about tax.

Not sure about your tax code or status?

If you have any queries about the amount of tax you’ve been deducted, your tax code or tax status, you should contact HM Revenue & Customs (HMRC) by calling their helpline on 0300 200 3300. Please make sure you have your National Insurance number ready before calling. Alternatively, you can visit their website by clicking here.

Why am I being taxed for the lump sum/arrears payments that have been made recently?

This may have happened because your usual payments are below your monthly tax allowance. However, the extra money that was recently paid took you over your monthly allowance, which meant tax had to be taken off.

I think I’ve paid too much or too little tax. How can I get this corrected?

HMRC will be in touch with you automatically and will explain what you need to do. If they do not get in touch then you should contact them on 0300 200 3300.

ReAssure is not able to issue tax refunds or claim underpayments.

Why am I now being taxed when I wasn’t before?

We receive your tax code from HMRC, which determines how much tax you pay. If you think your current tax code is incorrect, you’ll need to check with HMRC as we can only accept and implement tax code changes on their instruction.

Why have you not applied my new tax code?

If you think that we’re using the wrong tax code then we can look into this. We’ll need to see a copy of the tax coding notice you should have received from HMRC. If you don’t have a tax coding notice you’ll need to ask HMRC for another one.

I don’t pay income tax, so why have you been deducting tax from my payments?

We are obliged to deduct tax at marginal rate until HMRC instruct us to apply your personal tax code based on your financial circumstances which may mean you pay tax or your payment is made gross (without tax). Please contact HMRC as they will hold the required information to set the correct coding in respect of your income with us.

You’ve recently restarted payments for my annuity, but I’m not sure the tax code you’re applying is correct and I haven’t been told of any changes by HMRC?

If your payments have been stopped and restarted within the same tax year, we’ll use the same tax code we held for you previously. If your payments stopped in one tax year but restarted in another, in some cases we may need to use an emergency tax code instead.

HMRC will tell us if we need to use a different tax code to the one we’re using, and if this happens we’ll apply this to your payments going forward.

Why am I being taxed under an emergency tax code?

We have to use an emergency tax code while we’re waiting for HMRC to confirm your personal tax code.

An emergency tax code doesn’t take into account any other tax you pay during that tax year, so you may end up overpaying or underpaying tax. If this is the case, this will be corrected when HMRC tell us your personal tax code.

Why does my P60 include information about a previous employment?

HMRC may also require us to include details of payments made from another PAYE scheme in your P60. If you’re unsure what this additional employment is, you should contact HMRC.

I’ve taken a withdrawal from my pension and have received a P60, is this correct?

If you withdraw any money from your pension during each tax year, we’ll send you a P60 to confirm both the amount of money withdrawn and any tax deducted.

I’ve recently set up a drawdown policy and have received a P60, is this correct?

If you withdraw any money from your drawdown policy during each tax year, we’ll send you a P60 to confirm both the amount of money withdrawn and any tax deducted.

If you don’t take any income from your drawdown policy during a tax year, we won’t send you a P60 for that year.