The consumer champion said a refund for overpaid tax made before April 5 could be worth 'big money'
Martin Lewis has issued an urgent warning to millions of working people across the country who may be on the wrong tax code and owed money from HM Revenue and Customs . The consumer champion shared the details during the final episode of the current series of The Martin Lewis Money Show Live on STV.
Martin explained to a live studio audience in Liverpool and viewers at home: “Your tax code is a number that tells your employer or your pension provider what tax to deduct from your income. The most common one is 1257L and the way to work this out is you add a zero to the end which becomes £12,570 - your tax free allowance.”
Top Money Stories Today David contacted the show to share that he followed Martin’s previous advice about checking tax codes and it turned out his wife had been on the wrong tax code for four years - she received a bumper refund of £2,585. Other options available through this online service include allowing users to see an estimate of how much tax they will pay over the whole tax year. However, the service cannot be used by self-employed workers. The GOV.UK website explains: "You cannot use this service if Self Assessment is the only way you pay Income Tax.”
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