Britons are being warned to check their tax codes or face a nasty surprise from the taxman
Brits on wrong tax code have overpaid £5.8bn to HMRC - are you owed £689? Britons are being urged to check their tax code as the new tax year gets underway. Britons are overpaid more than £689 by overpaying HMRC.
Brits urged to check tax code or risk ‘nasty’ surprise bill from HMRC. HMRC informs employers and pension providers with tax codes, but it's down to the taxpayer to check if their tax code is correct. Taxpayers urged to make sure they have correct tax code and not get a 'nasty' bill.
HMRC explains what all the letters on your tax codes mean. Your tax code is used by your employer or pension provider to work out how much income tax to take from your pay or pension. HMRC: Your tax codes are used by employers and pension providers to calculate income tax.