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She wrote: “As it turns out, I had been issued with the wrong tax code. For a while I had suspected that my take-home pay was too low, but assumed I had made an error when calculating the size of my tax bill and pension contributions. A Canada Life survey revealed a shocking 31% of Brits who checked their tax codes found errors. As well as this, a staggering 18% have never even peeked at theirs.
About 17% found that they had underpaid and owed an average of £783.” On its website, HMRC detailed: “In most cases, HMRC will automatically update your tax code when your income changes. To correct your tax code, make sure HMRC has up-to-date details about your income.” It suggests anyone doubting their tax code should use the “check your Income Tax” online service to update employment specifics or inform HMRC of an income change affecting the tax code.
This isn’t the only good news for Brits when it comes to money this week, as many could also get some extra cash handed to them on pay day. Even though not every single person will benefit, most should see a little something drop into their accounts. This is because back on March 6, chancellor Jeremy Hunt revealed some new financial measures in the House of Commons. At the time he explained that National Insurance (NI) would be reduced.
This will help 27million people in the United Kingdom land some extra money. National Insurance contributions were cut this year – dropping from 10% to 8% on earnings between £12,570 and £50,270 a year. Many of us will benefit from the alteration. Even though NI isn’t paid on earnings under £12,750, no changes will be made to contributions on earnings over the upper limit of £50,270.
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