Martin Lewis has urged employees to check their tax codes now or face a potential “nightmare” later.
Speaking on The Martin Lewis Podcast on Friday (16 January), he said that millions of tax codes are wrong but it is up to the employee, not the employer or HMRC, to ensure that they are correct.
The wrong tax code will result in you paying too much or too little tax, with both being as bad as the other, Lewis said.
He explained if you are paying too little tax, you will eventually have to pay the difference. “You could be slapped across the face with a big tax bill and not have the cash to pay it, which is a nightmare.”
