Glossary · UK

What is Payslip?

A legal statement from your employer showing your gross pay, deductions and net (take-home) pay.

Full Definition

A payslip is the itemised statement your employer must give you on or before payday, by law, for every pay period. It shows your gross pay (before deductions), each deduction separately, and your net pay — the amount actually paid into your bank. Typical deductions for 2026/27 include Income Tax via PAYE, employee National Insurance at 8% between £12,570 and £50,270 then 2% above, pension contributions, and any student loan repayments. Payslips also show your tax code, National Insurance number, the pay period and often year-to-date totals. Variable items such as overtime, bonuses or expenses must be shown separately, and since 2019 the number of hours worked must appear where pay varies by time worked. Always check your payslip against your contract and tax code.