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Around 14million people are set to receive their tax code in the next few weeks. But incorrect codes often lead to shock tax bills.
Lauren Thompson explains how to ensure yours is correct.
WHAT IS A TAX CODE?
Tax codes are used by your employer or pension provider to calculate the amount of tax to deduct from your income. Many people stuff their tax code notices in a drawer without really reading the paperwork. This can be a big mistake. If your code is wrong, you will pay either too little or too much tax. This could mean finding yourself with a bill for hundreds, or even thousands, of pounds in a year’s time, as the taxman claws back money you should have paid.....Read moere HERE
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