Workers have been told to look out for a key letter on their payslips - or risk losing out on hundreds of pounds. Millions of UK adults receive a paper or online document every month which details how much they have been paid plus any deductions such as income tax, National Insurance and pension payments. Many don’t bother to look at them and just enjoy the money reaching their bank account towards the end of the month.
But financial experts have highlighted that it’s a personal responsibility to check you’re paying the right amount of income tax - and revealed a simple step to spot if you’re missing out. Jack Mackreth, of leading accountancy firm Kyzen Sports, said: “Tax codes can be wrong for a whole host of reasons. Maybe you’ve moved jobs and some of the paperwork wasn’t completed or sent across.
“But what many people don’t realise is that it’s your responsibility to check your own code is correct, not your employer or HMRC. So if you are ignoring these emails or not opening the envelopes containing your monthly pay slips, you might go on for months or even years over- or under-paying.”
