Last year's P60 - Am I really thick? I can't understand it!

[roisin]

I can't find my final payslip of last year, so am getting some details off my P60, but the figures don't seem to be correct?

At the bottom where it says "Pay and Income Tax details" is it possible pension contributions are not included in the total for the year pay figure?

I just can't work it out!

[flowerybeanbag]

roisin I'm a bit clueless about payroll-y stuff, but does this stuff answer your question?

[roisin]

I still don't understand it - I'm sure I'm being very thick!

[roisin]

The figure on my P60 is exactly 6% less than what I think my gross pay is

I thought I paid 5% pension contributions, but it's possible I pay 6%.

Can anyone help?

[WendyWeber]

I would ask your employer

[flowerybeanbag]

If you've had a payrise during the year the figure wouldn't be your salary anyway, it's the amount you've been paid over the tax year, so you might have spent some of that time on one salary and some of the time on a dfferent salary. Which means the total money you've received during the year will be somewhere in between.

Does that help explain?

[flowerybeanbag]

Or what wendy says....
Can you ring your payroll person and get them to explain it to you?

[roisin]

My payrise always comes 1 April anway. Well it doesn't actually because the unions always dispute it, but when it eventually arrives it is backdated to April - so that doesn't help does it?

If I get chance I'll pop into the finance office tomorrow. I just didn't want to come across as very stupid in RL, if I could do so on here instead

[flowerybeanbag]

I wouldn't worry, they'll have people in and out all the time trying to make head or tail of these forms which may as well be in Greek if you're a normal person!

[blueshoes]

riosin, I am no expert, but based on my previous tax filings, I believe the figure includes your salary and bonus for that tax year less any deductions by your employer. Deductions include:

(1) all or part of your pension contributions (ordinary and voluntary) - whether it is all or part depends on how your firm accounts for pension and if part, you will have to fill in the pension section and do some fancy grossing up and netting off thingy. Explaining very badly.

(2) I think it should also net off NI?

(3) things like childcare vouchers

Bottomline, ask payroll

[roisin]

thanks all

[Eddas]

the pay should just be your gross pay, it shouldn't have your pension deducted from it. The tax is just the tax, ie doesn't include an NI contributions.

Are you sure you are thinking of the right gross pay? I only ask as I have lost track of mine since going part time[thicko!]. Does it include a bonus/overtime?

[evenhope]

"Taxable pay" is net of pension contributions, because that amount is deducted from your gross before tax and NI is worked out.

So, in English, the answer to your OP is YES.

[Eddas]

ah yes you're right of course evenhope told you I was a thicko

[flowerybeanbag]

Ah but eddas evenhope works for the HMRC, so she's not therefore a normal person...

[KatyMac]

Children, children perfectly nice people can work for them......usually they leave tho'

[Eddas]

well, I was gonna type a sarky comment about admitting to working for HMRC I guess some of the people working there must know something although strangely rarely when I call to ask a question

[Eddas]

katymac, i'm sure they are all lovely

[KatyMac]

I certainly was .....well maybe I was

[flowerybeanbag]

I heart HMRC really

I heart all payroll people as well, who enable me to avoid having any useful knowledge about financy-type stuff.

[roisin]

thank you all

[evenhope]