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.

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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.

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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.

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"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."

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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.

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

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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.

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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.

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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.

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

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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.

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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.

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

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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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For the newest private finance news, observe us on Twitter at @ExpressMoney_.

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