Your tax code is the number that tells your employer or your pension provider how much tax to deduct from your income
The start of the new financial year on April 6 brings many changes for people in work or claiming benefits and those in retirement. HM Revenue and Customs has started issuing emails to people advising them to check their newly issued tax code for 2023/24.
Martin Lewis recently urged people to check their tax code as “millions” of them may be wrong. He told viewers of the Martin Lewis Money Show Live: “You need to check yours as millions of these are wrong and it is your responsibility to check them - not HMRC, it is not your employer’s responsibility, it is your responsibility to check it’s right.
Top Money Stories Today Checking your tax code The easiest way to do this is to look at your payslip. One you have a note of your Personal Allowance tax code, you can go to the GOV.UK website and use the online “Check your Income Tax for the current year" service. This tool, which covers the current tax year, can be used to check your tax code and Personal Allowance, and to see if a tax code has changed.
For example, an employee with the tax code 1257L can earn £12,570 before being taxed. If they earn £30,000 per year, taxable income is £17,430 .
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