A P60 is an official document issued by an employer in the United Kingdom at the end of the tax year. It summarizes an employee's total earnings and the amount of tax deducted during that year. This document is important for employees as it provides a record of their income and tax contributions. Employees use the P60 for various purposes, such as completing their self-assessment tax returns or applying for loans. It is typically issued by the end of May each year and is essential for ensuring that individuals have accurate information for their financial records.