P45
Business & Finance abbreviation · Tax
| Stands for | Details of employee leaving work (Form P45) |
|---|---|
| Categories | Business & Finance |
P45 stands for Details of employee leaving work (Form P45), a tax abbreviation.
UK form an employer gives a departing employee, showing pay and tax to date and the tax code in use, so that the next employer can continue deducting the right amount. One part is kept by the employee and two are handed to the new employer.
Example: Bring your P45 from your last job so payroll can set the right tax code.
Usage notes
Without a P45, a new employer uses HMRC's starter checklist and may apply an emergency tax code until HMRC confirms the correct one. "Getting your P45" is British slang for being fired.
Related abbreviations
More tax abbreviations
- NIIT – Net investment income tax
- NOL – Net operating loss
- OASDI – Old-Age, Survivors, and Disability Insurance
- OIC – Offer in compromise
- OSS – One-Stop Shop
- P11D – Return of expenses and benefits (Form P11D)
- P60 – End of Year Certificate (Form P60)
- PAN – Permanent Account Number
- PAYE – Pay As You Earn
- PST – Provincial sales tax
- PTC – Premium tax credit
- PTET – Pass-through entity tax