One mistake by HMRC could leave some people with an unexpected tax bill in December, while others could fund the festive season by claiming their dues
As household budgets get increasingly tight amid the cost of living crisis and the upcoming holiday season, experts are urging Brits to make sure they’re keeping a firm grip on every penny they deserve. The team at BizSpace warned people could be unknowingly overpaying HMRC, leaving them with less than they should have or could receive a devastating surprise tax bill after the holidays.
Your tax code should be a combination of numbers and letters which indicate how much tax you should be paying based on your employment, salary and circumstances. For example, the standard tax code is 1257L, referring to the Personal Allowance most people have of £12,570 that they can earn tax-free each year.
Many other codes indicate a varying degree of tax liabilities and having the incorrect one could mean you’re either overpaying or underpaying taxes. This will lead to unexpected refunds or tax bills, with the latter potentially coming with interest and penalties too.
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