The P60 is an important document in the United Kingdom that provides a summary of an individual's total earnings and deductions for a specific tax year. This document is typically issued by employers to their employees at the end of the tax year, which runs from April 6th to April 5th of the following year. The P60 includes details such as total income, tax paid, National Insurance contributions, and other deductions. It serves as a vital record for individuals to verify their income for various purposes, including tax returns, loan applications, and financial planning. It's important to keep the P60 in a safe place as it is an official proof of income, and individuals may need it when dealing with government authorities or financial institutions.