According to new research by financial services company Canada Life, UK workers overpaid an estimated total of £5.8bn to HMRC, simply because they were on the wrong tax code.
The research also found almost a third of UK adults (who checked their tax code) discovered they were on the wrong one. Three-quarters of those people paid an average of £689 more than they should have.
So it's vital you check your payslip for any errors and, if you do find a mistake, ask HMRC to change the code and refund any money you've overpaid.
To help understand your tax code, the following tool from HMRC is available: https://www.gov.uk/guidance/check-what-your-tax-code-means
Please also ask us to check that you are on the correct code if you have any concerns or questions.
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