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What is a P45?
When you leave employment you should receive a P45 form. This will show:
- your PAYE tax code number;
- your total earnings for the tax year to date; and
- how much tax has been deducted from your earnings for the tax year to date.
It is important that you receive a P45 on leaving employment. If you do not receive it, you may find you have to pay more tax initially in your new job, until your correct code number is confirmed.