Definitions for "P45"
Keywords:  employer, paye, leave, taxable, tenure
When you leave a job, your employer will provide you with a form P45. This shows taxable pay and tax paid up to the leaving date. It comes in four parts, Part 1 - Sent by the employer to their tax office. Part 1A - For you to keep Parts 2 & 3 - To be given to any new employer to ensure correct tax continues to be deducted.
Certificate provided by employer on leaving service, showing PAYE code, earnings in the current tax year to date and how much tax paid since the start of the tax year.
A form showing taxable pay and tax paid from the start of the tax year up to the leaving date. It is issued by the employer when one leaves a job. It comes in four parts: Part 1 - Sent by the employer to their tax office. Part 1A - For the taxpayer to keep Parts 2 & 3 - To be given to any new employer to ensure correct tax continues to be deducted.