Martin Lewis has issued a warning to all workers in the UK to check their payslips carefully for an 'X' symbol.
She had been taxed over £800 for a month's work on a 16 hour contract, but had been picking up lots of overtime. The concerned caller added: “My tax code is now back to 1257L, but I’m short £500, worrying about money. Will I get a tax rebate?”She said: "It depends whether she’s on a Month One tax code or not. Month One is often referred to as Emergency Code.
This is often the case when HMRC doesn't know how much tax you need to pay, and it usually happens when you first start a new job. You may also see 1257 W1 or 1257 M1 on your pay slips, if you're on emergency tax. Top Trending Stories Today He added: "Each year, you’re sent your tax code if you’re an employee. The standard one is 1257L. What that actually means is £12,570 - which is how much you can earn tax free each year.
Source: News Formal (newsformal.com)
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