Money saving guru Martin Lewis is urging people to check the tax code on their pay slips with some potentially owed thousands. But, on the flip side, as well as some people paying too much, the financial expert has said some people could have been paying too little and has urged people to check their tax code.
According to the Mirror, if your tax code is wrong and you have overpaid, you could entitled to get cash back. However, addressing the code, the Money Saving Expert newsletter says it could also mean you may have to pay some money back back if you have underpaid.
The code which appears on employee's payslip is used by employers or companies providing a pension to determine how much money is taken off employees' pay or pensions. But, even if this code is wrong, it is the employee's responsibility to report that they are being taxed incorrectly, even if it means them losing out financially.
