A UK tax year runs from 6 April to 5 April of the following year. Therefore, the 2024/25 tax year starts on 6 April 2024 to 5 April 2025.

Understanding Your Payslip:

Generally your payslip must show the following elements:

• Gross Pay before any deductions
• The specific amounts deducted each pay period, such as tax and National Insurance.
• Net Amount payable to yourself after deductions.
• Employer Name

The following elements are also important for your employer to show on your payslip;

• Your Taxcode
• Your National Insurance Number
• Pay Period
• Hourly Rate
• If your pay changes based on hours worked, it should also include the number of hours worked.
• Holiday Entitlement

Employers must also clarify any fixed deductions, like loan repayments, either on the payslip itself or in a separate written statement. This separate statement must be provided before your first payslip and updated annually.