A UK payslip is a note that your employer gives you when you’ve been paid. This can be given to you in the form of a PDF or as a hard copy. You get a payslip if you’re an employee including if you are a casual worker (i.e. on a zero hour contract). If you’re self-employed or a contractor, you’re paid via an invoice, CIS statement, etc. Also, if you’re in the police or work as a merchant seaman, you won’t be issued with a payslip.
There’s loads! Here’s a list of what you might be able to see:
It’s always good to keep your payslips stored for a number of years. You may be asked for them as proof of your income in any of the following circumstances:
Also, bear in mind the volume of personal information that’s stored on your payslips. To safeguard this, you should make sure that you’re holding onto them and keeping them somewhere secure.
As you might expect, only select parties can make deductions from your payslip. Deductions can only come from The Student Loans Company, your employer (for agreed amounts such as unpaid holiday, pension contributions or workplace benefits/schemes), and other government agencies.
In the UK, you must keep your tax records for at least six years from the end of the relevant tax year. Accounting software can help you to digitally store your records without taking up space in your office!
Your salary is your gross income. For example, if your salary is £24,000, this is your gross pay, but you won’t actually receive £24,000 into your bank account each year. You’ll receive your net income – £24,000 gross income minus deductions.