• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
Martin Lewis has issued a warning to Brits who never check over their payslip

Home> News> UK News

Published 09:23 9 Apr 2024 GMT+1

Martin Lewis has issued a warning to Brits who never check over their payslip

The Money Saving Expert is here to save you yet more money

Tom Earnshaw

Tom Earnshaw

Martin Lewis is here yet again with more savvy advice to save cash on a monthly basis.

The finance guru, who spends his days saving us cash via his Money Saving Expert team, has said it's more important than ever to make sure we're checking the fine print when it comes to getting paid.

The Manchester native, who himself is worth £120 million, doesn't let his wealth take over his working class roots.

Advert

If there's a free pint to be claimed, he's here to let us know how to secure the deal.

When it comes to getting paid, though, Lewis has stressed that 'millions' are currently receiving payslips that are wrong.

And when we say wrong, we don't mean the amount being paid.

Nope, it's one of the more technical aspects that might sound a bit boring but it's essential to your wage being right.

Lewis is on about your tax code, which he said could 'cause a nightmare' given how many are paying the incorrect rates.

Advert

Martin Lewis is always on hand with financial advice. ITV
Martin Lewis is always on hand with financial advice. ITV

The warning came on the Martin Lewis BBC Radio 5 Live Podcast back in February. But with wages for millions going up as of 1 April, the timing couldn't be better to make sure you're getting the money you're owed.

Speaking on the podcast, Lewis said: "You need to know your tax code and what it means, it's your legal responsibility - not your employers and not HMRC’s.

"Millions are wrong. Millions are overpaying. Millions are underpaying.

"It all causes a nightmare, so make sure you know what your tax code is and check that it's right."

Advert

Lewis' comments came after one listener, Sue, contacted the podcast team. She used to teach adult accountancy classes and told Lewis and his team that 'the number who didn't have a clue if they were paying the right tax at work was worrying'.

"These students were mature adults who had been working and were now within an accounting environment therefore earning for years, they weren’t fresh out of college," Sue said.

An example of what a payslip looks like. Getty Stock Images
An example of what a payslip looks like. Getty Stock Images

What is a tax code and is mine right?

The most common tax code in the country is 1257L. This is used for most people who has one job or pension.

Advert

If you have this, you're probably paying the right amount and there's nothing to do.

But if 1257L is followed by W1, M1, or X, you may well paying emergency rates of tax which means you're paying too much and need a refund from HMRC.

Tax codes with ‘K’ at the beginning mean you have income that is not being taxed another way and it’s worth more than your tax-free allowance.

The Gov.uk website (Peter Dazeley/Getty Images)
The Gov.uk website (Peter Dazeley/Getty Images)

For most people, this happens when you’re paying tax you owe from a previous year through your wages or pension, or getting benefits you need to pay tax on (such as state benefits or company benefits).

Advert

Your employer or pension provider takes the tax due on the income that has not been taxed from your wages or pension - even if another organisation is paying the untaxed income to you.

You can check your tax code on Gov.uk.

Featured Image Credit: ITV / Getty Stock Images

Topics: Cost of Living, Education, Martin Lewis, Money, UK News, BBC

Tom Earnshaw
Tom Earnshaw

Tom joined LADbible Group in 2024, currently working as SEO Lead across all brands including LADbible, UNILAD, SPORTbible, Tyla, UNILAD Tech, and GAMINGbible. He moved to the company from Reach plc where he enjoyed spells as a content editor and senior reporter for one of the country's most-read local news brands, LancsLive. When he's not in work, Tom spends his adult life as a suffering Manchester United supporter after a childhood filled with trebles and Premier League titles. You can't have it all forever, I suppose.

X

@TREarnshaw

Advert

Advert

Advert

  • Martin Lewis issuing payslip warning to Brits after Budget announcement
  • Martin Lewis shares urgent warning to anyone still paying off their student loans with big change coming in 2025
  • Martin Lewis issued warning to people about using air fryers instead of ovens to cook food
  • Martin Lewis' MSE issues wage warning urging Brits to check payslips

Choose your content:

18 mins ago
an hour ago
2 hours ago
3 hours ago
  • 18 mins ago

    New footage shows moment only survivor of Air India crash walks away from burning wreckage

    British national Vishwash Kumar Ramesh is the only survivor of the 242 on board

    News
  • an hour ago

    Navy accidentally discovers 500-year-old ship at bottom of Mediterranean Sea

    It's the deepest wreck found in French waters to date

    News
  • 2 hours ago

    Key information second black box from Air India crash will reveal as investigators find it

    Investigations are ongoing after the plane crashed into a medical college in Ahmedabad last week

    News
  • 3 hours ago

    ‘Hero’ Air India pilot ‘saved dozens of lives’ with last minute decision moments before crash with 242 people on board

    All but one on board the flight died as others were killed on the ground

    News