How to check your tax code and claim a tax refund in the UK
New tax codes are being issued as we enter the 2023/24 financial year, but how can you make sure you are not overpaying?
The most common one is 1257L, which is based on the Personal Tax Allowance of £12,570 - this is the amount you can earn before you need to pay tax. “If you have the wrong tax code, it could mean you might be entitled to get cash back if you have overpaid, but might also mean you have to pay some money back if you underpaid."You can find your tax code on your latest payslip or on your P45 if you recently quit your job.Letters in an employee’s tax code refer to their situation and how it affects their Personal Allowance. The full list of tax code letters and what they mean can be found on the GOV.UK website here.
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