Martin Lewis urges workers to check their pay slip for one simple mistake

Thousands of workers could lose cash, according to the money-saving expert.

Martin Lewis has asked workers to review their payroll, which could contain a simple error that could cost them hundreds.

People could be paying a lot more money than they should which could mean they are losing monthly cash.

Continue readingITV co-star overtakes Holly Willoughby as television’s highest paid woman

On ITV’s Martin Lewis Money Show Live, the founder of MoneySavingExpert said it could affect millions of employees, the Sun reports.

For example, if you have recently changed jobs, you may be given an emergency tax number, which means you will not receive your tax-free personal allowance.

“Check your tax number if you’re an employee, millions are wrong,” Martin said last night.

“Maybe you’re paying too much tax.”

In a section he discussed the planned increase in the social security tax in April.

Social security tax is set to rise 1.25 percentage points this year, costing workers hundreds of pounds

An employee earning £ 20,000 a year pays an additional £ 130 in Social Security, while a worker earning £ 50,000 a year pays an additional £ 500.

Now, by checking that you have the correct tax number, you can claim back any additional payments you made and offset some of the effects of the increase.

You can find out which tax number you have by checking your pay slips or by asking your company’s HR department.

If you’ve been billed too much in tax, you should get a refund, but the refund method will vary depending on when the surcharge was paid and what your current work situation is.

For example, if you are owed a tax refund on your current job after April 2021, you will get the money back after correcting your tax code on your paycheck.

But if it was between April 2020 and 2021, HMRC will post you a P800 tax calculation that explains how to get a refund.

Employees who paid additional taxes between April 2017 and 2020 must apply for a discount online.

However, if the overpayment was made before April 2017, you will not be able to get the money back.

Stay up to date with the latest news from your street or neighborhood in Birmingham or West Midlands with our Birmingham News email updates.

.

Leave a Comment