Martin Lewis urges people in work to check tax code this month for possible refund

dailyrecord.co.uk:

The Martin Lewis Money Show Live returned to STV on Tuesday night for the first time since November in a jam-packed hour covering crucial cost of living advice on expiring energy vouchers, reducing your monthly Direct Debit fuel bills, price cap predictions for summer and social tariff broadband deals.

The host of the award-winning consumer programme wasted no time telling viewers within the first few minutes to check that their tax code is correct after David got in touch with the show to share that his wife had followed Martin’s previous advice on the topic and received a hefty refund for over £2,500 as a result.Co-presenter Angelica Bell, read out David’s email which said: “I want to thank you for reminding us to check our income tax codes.

It turns out my wife has been on the wrong code for four years and she has just received a refund cheque for £2,585.”The consumer champion called it a “very important reminder” for people in work and those receiving a pension to check their tax code is correct.He told viewers that it is not the responsibility of employers or HM Revenue and Customs (HMRC) to check if a tax code is correct, it is theirs.But he warned that it works both ways because if you’re paying too much tax, you will get it back, but similarly, if you’re not paying enough, you’ll have to pay what you owe.Martin said: “If you’re an employee or getting a pension you will be sent tax code.

The standard one is 1257L.“Now, what you have to understand, even if you don’t know what the number means, it is your legal responsibility to ensure that it is correct, it is not your employer’s, it is not the tax office, it’s yours.“If it’s wrong you might be overpaying tax in which case you’ll get a refund which is great.“Or