Martin Lewis urges workers to check payslips for 'X' symbol as millions are overtaxed
Martin Lewis has issued a warning to all workers in the UK to check their payslips carefully for an 'X' symbol.
She had been taxed over £800 for a month's work on a 16 hour contract, but had been picking up lots of overtime. The concerned caller added: “My tax code is now back to 1257L, but I’m short £500, worrying about money. Will I get a tax rebate?”She said: "It depends whether she’s on a Month One tax code or not. Month One is often referred to as Emergency Code.
This is often the case when HMRC doesn't know how much tax you need to pay, and it usually happens when you first start a new job. You may also see 1257 W1 or 1257 M1 on your pay slips, if you're on emergency tax. Top Trending Stories Today He added: "Each year, you’re sent your tax code if you’re an employee. The standard one is 1257L. What that actually means is £12,570 - which is how much you can earn tax free each year.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis shares tips on how to keep warm without relying on central heatingMoneySavingExpert founder Martin Lewis has outlined some of his top tips for keeping warm during the winter months without having to put your central heating on
Read more »
Martin Lewis reveals how thousands could turn £800 into £5,000MARTIN Lewis has revealed how thousands of households could turn £800 into more than £5,000 by doing a simple check. But the MoneySavingExpert founder warned that you could risk losing out on the c…
Read more »
Martin Lewis gives tip to turn £800 into £5,500 but you need to act quicklyThe Money Saving Expert founder has issued an urgent plea for anyone aged between 45 and 70
Read more »
Martin Lewis issues urgent message to households earning under £40kThe money-saving expert has warned that a lot of Scots could be missing out on extra cash.
Read more »
Martin Lewis warns Brits over big energy bill shock in JanuaryMARTIN LEWIS has warned some households will see their energy bills rise in January. In his latest newsletter, the consumer champion explained how prepayment meter customers and those who pay on re…
Read more »
Martin Lewis gives advice that could turn £800 into £5,500The Money Saving Expert founder has issued an urgent plea for anyone aged between 45 and 70
Read more »