You would normally submit an employer payment summary (EPS) when you recover statutory payments, which reduces your liability and the amount you owe HMRC. It includes supplementary information about your company’s tax and NI liability, such as employment allowance and small employers’ relief. You can also enter any values external to your payroll that reduces your liability to HMRC, such as Construction Industry Scheme (CIS) deductions suffered.
Your P45 shows how much tax you’ve paid on your salary so far in the tax year (6 April to 5 April).
A P45 has 4 parts (Part 1, Part 1A, Part 2 and Part 3).
You need to get certain information from your employee so you can set them up with the correct tax code and starter declaration on your payroll software. You’ll usually get most of this information from the employee’s P45, but they’ll have to fill in a ‘starter checklist’ (which replaced the P46 form) if they don’t have a recent P45.
You give a P60 to all employees on your payroll who are working for you on the last day of the tax year (5 April). The P60 summarises their total pay and deductions for the year.