P45 ( tax ) - wikipedia P45 ( tax ) In the United Kingdom and the Republic of Ireland, a P45 is the reference code of a form titled Details of employee leaving work. The term is used in British slang as a metonym for termination of employment. ( The equivalent slang term in the United States is pink slip. ) A P45 is issued by the employer when an employee leaves. It is a multipart form. Contents 1 In the United Kingdom 2 In the Republic of Ireland 3 See also 4 References 5 External links In the United Kingdom In the UK, the front section, Part 1, is given by the old employer to HM Revenue and Customs, who then record the pay and tax details on to the individual 's taxpayer record. Part 1A is to be retained by the employee, Part 2 retained by the new employer, and Part 3 taken by the new employer and sent to their tax office. The P45 contains details of earnings and tax paid during the tax year ( tax paid in previous years is detailed on the P60 for that year ). The `` P '' code refers to documents in the PAYE series, in the same way that self - assessment documents are prefixed `` SA '' ( e.g., SA100 - Individual tax return ) and Tax credits paperwork is prefixed `` TC '' ( e.g., TC600 - Tax credits application ). On 4 October 2017, at a Conservative Party conference in Manchester, the Prime Minister Theresa May was handed a P45 slip form by Simon Brodkin as a stunt claiming to be from the Foreign Secretary Boris Johnson. In the Republic of Ireland In the Republic of Ireland, P45 is also used as a reference to a form used by the Revenue Commissioners with the same function. The administrative procedures in this area are similar ; however, the form itself is different in design from the UK version. The form is planned to be eliminated from 1 January 2019, with a move instead towards real - time reporting of tax details to Revenue. See also Taxation in the United Kingdom United Kingdom labour law P60 References Jump up ^ `` PAYE forms - P45, Starter Checklist, P60 and P11D ''. HM Revenue & Customs. Retrieved 2013 - 05 - 18. Jump up ^ `` When an employee leaves or retires ''. HM Revenue & Customs. Retrieved 2013 - 05 - 18. Jump up ^ Elgot, Jessica Elgot ; Grierson, Jamie ( 4 October 2017 ). `` Security inquiry after prankster Simon Brodkin disrupts May speech ''. The Guardian. CS1 maint : Multiple names : authors list ( link ) Jump up ^ `` Conservative conference : May handed P45 ''. BBC News. 8 October 2017. Jump up ^ `` Bye bye P45 : Revenue moves to modernise PAYE ''. External links PAYE forms : P45, P60, P11D GOV.UK information PAYE forms : P45, P46, P60, P11D Directgov pages in the UK National Archives E13 Day to Day Payroll Additional United Kingdom information Revenue Commissioners ( October 2007 ). `` Employers Guide to PAYE '' ( PDF ). pp. § 12.1 : Form P45 ( cessation certificate ) pp. 71 -- 3 ; § 12.3 : Completing form P45 pp. 73 -- 5. Archived from the original ( PDF ) on 2007 - 11 - 19. Retrieved 2007 - 11 - 01. Republic of Ireland information Revenue Online ( 2005 - 07 - 04 ). `` Document Type Definition P45 '' ( PDF ). Archived from the original ( PDF ) on 2007 - 11 - 19. Retrieved 2007 - 11 - 01. DTD for online submission of P45 in XML format Retrieved from `` https://en.wikipedia.org/w/index.php?title=P45_(tax)&oldid=804713026 '' Categories : Taxation in the United Kingdom Taxation in the Republic of Ireland United Kingdom labour law British English Slang Tax forms Irish slang Hidden categories : CS1 maint : Multiple names : authors list All articles with unsourced statements Articles with unsourced statements from October 2017 Talk Contents About Wikipedia Deutsch Français Polski Edit links This page was last edited on 10 October 2017, at 17 : 51. About Wikipedia

Question: what does the p stand for in p45
Answer: PAYE