Don't lose out on what you are owed!
The nation's favourite Money Saving Expert, Martin Lewis, has warned people that they could be missing out on hundreds of pounds every month - by failing to make a simple check on their payslip.
Martin says that if you have the wrong tax code, it could be costing you hundreds, if not thousands. In his latest Money Saving Expert newsletter, Martin warned that people who use the wrong tax code could be paying too much or too little. Though you could be entitled to money back if you have overpaid on your tax, you may also need to pay some back if you have underpaid. It is the employee's responsibility to ensure that their tax code is correct, as it determines how much of your pay should be taken off and given to HMRC, the Manchester Evening News reports.
They tell your employer or pension provider how much tax-free money you receive in that tax year. The code 1257L allows £12,570 as income you are not taxed on.If your income changes then your tax code should be updated by HMRC, with the information provided by your employer. However, it is possible that HMRC could have the incorrect information and so it is worth you checking for yourself - particularly when you are moving between jobs.
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