MARTIN Lewis has issued urgent advice to workers who could be missing out on extra money by not making a simple tax check. The consumer champion explained on the latest episode of his ITV Money Sho…
Simply put, your tax code is the code used to figure out how much of your pay packet should be deducted and given to HMRC.Currently, 1257L is the code used for most people who have one job or pension.
The numbers tell your employer or pension provider how much tax-free income you get in that tax year.of £12,570, which is the income you're not taxed on.You can find your tax code in a number of different ways, including:by checking your tax code for the current year online on your personal tax account
If you have paid too much or too little tax, HMRC will send you either a tax calculation letter, also known as a P800, or a Simple Assessment letter.You might be able to request the refund online, but you'll need your Government Gateway user ID and password.
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