• With the deadline for employers to provide employees with their P60 form having now passed, Standard Life is encouraging workers to get organised ahead of the Self-Assessment deadlines later this tax year
  • Frozen tax thresholds mean more people may need to check whether they need to complete a tax return or claim additional pension tax relief
  • Standard Life answers key Self-Assessment and pension tax questions ahead of the January deadline

With the deadline for employers to issue P60s having now passed (31st May), the retirement specialist Standard Life is encouraging workers to store the document safely and use it as a prompt to begin organising key paperwork ahead of the Self-Assessment deadlines this year (31 October 2026 for paper returns and 31 January 2027 for online submissions).

A P60 provides a summary of an employee’s taxable pay and tax deducted through PAYE during the tax year. While it is only one of several documents people may need when completing a Self-Assessment return, keeping hold of it now could help reduce stress and avoid a last-minute scramble closer to the January deadline.

Mike Ambery, Retirement Savings Director at Standard Life, said: “Your P60 might feel like just another piece of annual admin to file away, but it’s a useful starting point for understanding your tax position ahead of the Self-Assessment deadlines.

“With frozen tax thresholds continuing to pull more people into higher-rate tax brackets, some workers may find themselves needing to complete a Self-Assessment return for the first time later this year. Completing a Self-Assessment return can be especially important for those affected by the High-Income Child Benefit Charge, where it is legally required, and for higher-rate taxpayers checking they’re claiming all the pension tax relief they’re entitled to.

“Tax returns are rarely something people look forward to, but leaving everything until right before the deadline can make the process far more stressful than it needs to be. While a P60 is only one of several documents needed, it provides a useful summary of your taxable pay and the tax you’ve already paid through PAYE. Depending on your circumstances, you may also need pension statements, P11Ds, savings and dividend records, payslips or Child Benefit information.

“Taking some time now to organise key paperwork can make completing a tax return much simpler later in the year, help avoid nasty tax surprises and ensure you’re not missing out on valuable long-term savings.”

Mike Ambery outlines some of the key things to be aware of ahead of Self-Assessment season:

What is self-assessment and who needs to submit?

“Self-assessment is the system HM Revenue and Customs (HMRC) uses to collect Income Tax from people whose tax isn’t fully deducted through PAYE. While most employees have tax taken automatically from their wages, those who are self-employed or receive additional income may need to submit a tax return each year.

“You’ll need to file a self-assessment for the last tax year (6 April 2025 to 5 April 2026) if any of the following apply:

  • You needed to pay the High Income Child Benefit Charge (if you or your partner claim Child Benefit and you had an income of £60,000 or more)
  • You were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
  • You were a partner in a business partnership
  • You had to pay Capital Gains Tax (CGT) when selling an asset
  • You had additional untaxed income, for example from savings, investments or property

“This list isn’t exhaustive, so make sure to check if you are unsure. Before submitting, it’s worth checking your tax code is correct. If you need support, HMRC can provide guidance, or you can use a UK-accredited accountant, which doesn’t have to be expensive. You can also authorise a trusted friend or family member to complete and submit your return on your behalf.

Why is my P60 important?

“A P60 summarises your taxable pay and the tax you’ve already paid through PAYE during the tax year. It can be useful when completing a Self-Assessment return, checking your tax position, applying for a mortgage or loan, or claiming tax relief.

“While it won’t show everything you need for a tax return, it’s an important document to keep safe.”

What other documents might I need?

“Depending on your circumstances, you may also need pension statements, P11Ds, savings and dividend records, payslips, Child Benefit information or records of charitable donations.

“It’s also important to make sure you have details such as your National Insurance number, Unique Taxpayer Reference (UTR), information on any untaxed income and records of any pension contributions or charitable donations that may qualify for tax relief.

“These documents can help you understand your taxable income, check you’re claiming the correct pension tax relief, and ensure your tax return is accurate.

“Getting organised early can make the process much easier later in the year.”

Why should I be thinking about my pension?

“For higher earners, Self-Assessment isn’t just about paying the right amount of tax - it can also be an opportunity to reclaim money. Pension contributions benefit from at least 20% basic-rate tax relief, which is usually applied automatically.

“However, unless contributions are made via salary sacrifice or a net-pay arrangement, higher-rate taxpayers may need to claim any additional tax relief they’re entitled to. This can be done through a Self-Assessment return or by contacting HMRC, and could result in a tax rebate, a reduced tax bill or an adjustment to your tax code.

“Higher-rate taxpayers may not automatically be required to complete a Self-Assessment return, but it’s worth checking the setup of your pension scheme with your employer or pension provider. If you haven’t claimed in previous years, it may be possible to backdate claims for up to four tax years.

“Self-Assessment can also be a useful opportunity to review your savings and consider whether adjusting your contributions could help improve long-term outcomes.”

I claim Child Benefit – do I need to do anything?

“Child Benefit is one of the most common areas where people are caught out by self-assessment, particularly as incomes rise. For the 2025/26 tax year, if you earned over £60,000 and you or your partner claim Child Benefit, you have to declare this on your self-assessment tax return, or you may face a penalty. This is called the High-Income Child Benefit Charge, and it means you won’t be entitled to some or all of the Child Benefit. If your partner’s income was over £60,000 but yours was less, your partner needs to declare the Child Benefit on their tax return.”

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About Standard Life

  • Standard Life is a retirement specialist focused entirely on retirement saving and income.
  • We are proud to manage c£300bn in assets on behalf of our 12 million customers, and we champion the belief that everyone's journey to and through retirement can be better.
  • We offer our customers a broad range of retirement, investment and protection products across our customer brands which include Standard Life, SunLife, Phoenix Life and ReAssure.
  • Our vision is to be the UK’s leading retirement savings and income business, building on Standard Life’s leadership positions in the workplace pensions, pension risk transfer and individual annuity markets, and our growing retail business. Our award-winning services are backed by industry leading apps and strong customer service.
  • As a FTSE 100-listed group, we are using our size, expertise, and influence to deliver better outcomes for customers.
  • We’ve set targets to help an additional three million customers take steps toward a better retirement by 2035. We want to play our part in delivering a net zero economy and managing our impact and dependency on nature to shape the world our customers will retire into.
  • Standard Life is recognised as a leading employer, with long-standing accreditation as a Living Wage Employer, Living Pension Employer and in 2026 became one of Britain’s Most Admired Companies.

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