Martin Lewis warns hundreds of thousands are overpaying tax – verify should you’re owed money

Martin Lewis has issued a clarion name for Britons to verify they’re being taxed correctly as “millions” are at the moment overpaying.

The monetary journalist urged employees to verify they’re on the proper HMRC tax code because it’s in your head in case you are paying the inaccurate quantity.

He instructed listeners on his BBC podcast: “You must know your tax code and what it means, it is your obligation – it’s not your employer’s, not HMRC’s.

“Millions are fallacious. Millions are overpaying. Millions are underpaying. It all causes a nightmare, be sure you know what your tax code is and verify that it is proper.”

A person’s tax code can be found on their payslip and it indicates how much tax HMRC will deduct from their pay through the PAYE system.

The most common code is 1257L, which means a person pays income tax at the basic rate of 20 percent on their earnings above £12,570 a year.

A person’s tax code may change if their circumstances do, such as taking on a new job, and if your details are not up to date, you could be put on an emergency tax code, and pay the wrong amount of tax.

How do I check my tax code?

You can find your tax code on your payslip, your personal tax account or on the HMRC app.

If you consider you’re on the fallacious tax code, you’ll be able to elevate the difficulty with HMRC by calling the authority on 0300 200 3300.

The group can then change your tax code so you’re taxed appropriately, and you can be reimbursed any overpaid tax.

HMRC may also reach out to you if you are owed a tax rebate by sending you a P800 letter or a simple assessment letter.

The letter may also say that you can claim online – which can be done by logging into your personal tax account – or through the HMRC app.

It’s price creating a private tax account in addition to it shops plenty of helpful details about your tax document.

This contains your National Insurance contributions in direction of your state pension, and in case you have any gaps in your document and learn how to fill these in.

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