Martin Lewis urges millions of people to check payslips before next month for potential tax code refund

dailyrecord.co.uk:

Martin Lewis has issued an urgent warning to millions of working people across the country who may be on the wrong tax code and owed money from HM Revenue and Customs (HMRC).

The consumer champion shared the details during the final episode of the current series of The Martin Lewis Money Show Live on STV.The series finale was dedicated to helping people beat ‘March madness’ and upcoming price hikes on energy bills due to the removal of the £67 monthly rebate, increased broadband and mobile phone charges, and the ongoing cost of living crisis.

The financial guru also explained that from April 6, people will be unable to make claims for the 2018/19 financial year.But his first warning of the show focused on wrong tax codes and urged everyone paying tax needs to check if their code is correct because if there is an error, it could be worth “big money”.Martin explained to a live studio audience in Liverpool and viewers at home: “Your tax code is a number that tells your employer or your pension provider what tax to deduct from your income.

The most common one is 1257L and the way to work this out is you add a zero to the end which becomes £12,570 - your tax free allowance.”He warned: “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.“If it’s wrong and you underpaid they’ll come and they’ll want the money and that is a nightmare for people, but if it’s wrong and you overpaid, then you’re due the money back, but that deadline for 2018/19 is coming fast.