Homonym: P45 (Tax)
A P45 is a document issued by an employer in the United Kingdom when an employee leaves their job. It provides important information, including the employee's tax code, earnings, and the amount of tax deducted during the tax year. This form is essential for employees to ensure they are taxed correctly in their next job or when claiming benefits.
The P45 is divided into several parts, with each part serving a different purpose. For example, one part is given to the employee, while another is sent to HM Revenue and Customs (HMRC). This helps maintain accurate tax records and ensures that the employee's tax situation is properly managed.