Direct answer
A payslip is a period-by-period payroll record. A P60 is an end-of-tax-year summary from an employer showing taxable pay and tax deducted in that employment for the tax year. The two records answer different questions.
P60 vs payslip
A payslip shows one pay period, while a P60 summarises taxable pay and tax deducted for a tax year with that employer.
The short answer
A payslip is a period-by-period payroll record. A P60 is an end-of-tax-year summary from an employer showing taxable pay and tax deducted in that employment for the tax year. The two records answer different questions.
A worked example
On £35,000 a year, a standard 2026/27 tax code and no pension or student loan, the figures work out like this. Open a calculator to put your own numbers in.
Gross salary£35,000
Take-home a year£28,720
Take-home a month£2,393
Take-home a week£552
Related checks
Assumptions used here
| Tax/source year | 2026/27 |
|---|---|
| Region | England/Wales/Northern Ireland |
| Tax code basis | 1257L where the page uses PAYE defaults |
| Pension basis | No pension deduction unless this example says otherwise |
| Student loan basis | No student loan unless selected in this example |
What changes this result
| Calculator setting | The answer is more useful when matched to the same tax year, region, tax code, pension and loan settings used in the calculator. |
|---|---|
| Records to compare | Payslips, HMRC records, student-loan notices and pension scheme documents can explain differences. |
Why a payslip can differ
| Tax code | HMRC tax-code changes, K codes, BR/D codes, or emergency markers can change PAYE deductions. |
|---|---|
| Cumulative basis | Week 1, Month 1 or non-cumulative payroll can differ from a smooth annual calculator estimate. |
| Pension method | Relief at source, net pay and salary sacrifice can affect taxable pay and take-home pay differently. |
| Payroll timing | Bonus, overtime, arrears, refunds, cut-off dates and corrections can all move a single payslip. |
Good next questions
| Open the salary calculator with editable assumptions | calculator next step |
|---|---|
| Review calculation sources and methodology | source context |
Source and methodology context
| What is not decided here | PayBreakdown does not decide payroll correctness, lender approval, benefit entitlement or employer compliance, and does not give regulated financial, mortgage, debt, tax, payroll or legal advice. |
|---|
What the P60 vs payslip estimate assumes
The figures on this page use the values below. Open the calculator if your example salary differs.
Example salary£40,000 annual gross
When each record is useful
Use the payslip when checking a specific month or week. Use the P60 when checking the tax-year summary for that employment.
- Payslip: gross pay, taxable pay, deductions and net pay for one pay period.
- P60: tax-year taxable pay and tax deducted for an employment that continued to the tax year end.
- Neither record alone decides whether a tax code is correct or whether a refund is due.
What to compare
A P60 is useful for tax-year totals, while a payslip is useful for the detail behind a single payment.
- Compare taxable pay and tax deducted for the tax year when checking a P60.
- Use payslips to understand pension, National Insurance, student loan and net pay by period.
- Check whether the employment continued to the tax year end, because that affects whether a P60 is issued.
Modelling limit
PayBreakdown can compare salary-calculator assumptions with pay records, but it is not a P60 refund estimator and does not submit anything to HMRC.
- Use official HMRC records where you need the live tax position.
- Check payroll if employer pay records do not match what you expect.
- Use PayBreakdown as an estimate, not tax, payroll, legal, accounting or financial advice.
What this answer does not decide
This is educational guidance for understanding how UK pay and tax work. It does not decide payroll correctness, HMRC treatment, lender approval, benefit entitlement or employment rights, and it is not regulated financial advice. Where a figure matters, check it against your payslip, your HMRC account, or the official guidance linked on this page.
Official sources
GOV.UK: payslipsGOV.UK: PAYE forms P45, P60 and P11DFrequently asked questions
Is a P60 the same as the final payslip of the year?
No. A final payslip is still a pay-period record. A P60 is a tax-year summary for that employment.
Does this page estimate a refund?
No. It explains the records and links to salary modelling. It does not calculate or claim a definitive refund.
Last updated 2026-08-19. Estimates are for planning and should be checked against official records where the decision matters.