Martin Lewis urges all workers to check their tax code after first pay packet of new tax year

MARTIN Lewis has urged all workers to check their tax code after the first pay day of the new financial year.

The personal finance guru said it's important to make sure you're not being overcharged by the tax office.

If you've had a pay packet since April 6, you should check to see if you're on the right tax code.

If it's wrong, you might be able to reclaim cash you've overpaid.

It could also show whether you're underpaying tax, to help you "avoid a future nightmare", Martin said.

You can use MoneySavingExpert's free tax code calculator to make sure you're paying the correct amount.

READ MORE SUN STORIES

Martin Lewis explains how you can save hundreds with easy hotel re-book tip

Martin Lewis fan wins back £4,800 after bank account error – are you owed money?

If you know your tax code, you can simply pop it into the calculator to find out how much you should be paying to the tax office.

Workers who are unsure what code they should be on can look at their payslip, P45 or P60 form.

Ask your human resources department for these if you don't know where to find them.

But if you have just one employer and earn under £100,000, your code is likely to be 1257L.

Most read in Money

'MONSTROSITY'

Our neighbour built an extension we hate – now they've months to bulldoze it

BILL HELP

Thousands to get free cash or vouchers to help with bills – how to apply

BENEFIT CHECK

Major Universal Credit shake-up coming in DAYS – what you need to know

CALL ME

Sky customers to be hit with controversial charges from TODAY – how to avoid

Your tax code might be wrong if you've recently changed jobs or if you have more than one income.

It can also be affected if part of your salary is made up of company benefits, for example medical insurance or a company car.

People who have just started their first job are often put on an emergency tax code, and will wrongly be charged a higher rate.

How can I claim back overpaid tax?

If you've been charged too much tax you should be able to get a refund.

However the rebate method depends on when the extra was paid and your current work situation.

For example, if you're owed a rebate from your current job from April 6, 2022, you'll get the money back in your pay when your tax code has been corrected.

Give HMRC a call on 0300 200 3300 to change your tax code.

If the overpayment was between April 2021 and 2022, HMRC will post you a P800 tax calculation, explaining how to get a refund.

Read More on The Sun

No-nonsense Susanna makes Boris squirm as she grills him over cost of living

Piers savages ‘money-grabbing’ Meghan in rant about her Netflix axe

Workers who paid extra tax between April 2018 and 2021 will have to apply for a rebate online.

But if the overpayment was made before April 2018, you won't be able to get the money back.

We pay for your stories!

Do you have a story for The Sun Online Money team?

Email us at [email protected]

    Source: Read Full Article

    Previous post Mum offers passenger £500 to accompany her on 23-hour flight – but there’s a BIG catch
    Next post Ant Anstead's Push for Full Custody of His and Christina Haack's Son Hudson Isn't Over