A payslip shows one pay period, while a P60 summarises taxable pay and tax deducted for a tax year with that employer.
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.
| 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 |
| 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. |
| 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. |
| Open the salary calculator with editable assumptions | calculator next step |
|---|---|
| Review calculation sources and methodology | source 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. |
|---|
Use the payslip when checking a specific month or week. Use the P60 when checking the tax-year summary for that employment.
A P60 is useful for tax-year totals, while a payslip is useful for the detail behind a single payment.
PayBreakdown can compare salary-calculator assumptions with pay records, but it is not a P60 refund estimator and does not submit anything to HMRC.
This is educational guidance on 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 above.
No. A final payslip is still a pay-period record. A P60 is a tax-year summary for that employment.
No. It explains the records and links to salary modelling. It does not calculate or claim a definitive refund.
Last updated 2026-08-28. Checked by Sean Elsmore. Rates last checked against GOV.UK on 2026-08-07. Estimates are for planning and should be checked against official records where the decision matters.