Money-saving expert and journalist Martin Lewis has warned the British public that they should check their tax code is correct or risk losing a significant amount of money.
Due to the rise of NIC, employers are seeing an increase in the amount of what they pay in national insurance. The Chancellor put this rise in place to support the Health and Social Care Levy. The raise has increased to 1.25% with a new threshold for when you start paying £9,990; this is also due to an increase to £12,570 in July.
Our tax codes are numbers and letters, which allow us as payroll to know how much tax to deduct from your wage. However, Martin Lewis has suggested that millions of codes could be wrong and that workers should check their code as soon as possible.
You can check your tax code by looking at your P60, and P45 or by checking the letter you should have received from HMRC with your new tax code. However, if you are struggling to check your tax code, you should head over to the government website and follow the detailed instructions provided.
If you are still unsure of your tax code or are confused over the change in tax codes and the rise of National Insurance Contributions, do not hesitate to contact us. Equally, if you believe your tax code is incorrect and require further understanding, EKWilliams Group will always have your best interest in mind, supporting you with your business.