29th April 2017
According to Royal London, around 800,000 people under state pension age are receiving pensions and may be at risk of paying tax even though their total income is below the personal allowance.
Jonathan Watts-Lay, Director, WEALTH at work, a leading provider of financial education, guidance and advice in the workplace, comments;
“As tax codes are issued by HMRC, many people assume they are correct. However, they can get it wrong, especially when someone has a number of different sources of income. It is important that individuals check their tax codes to make sure they are correct.
But many are not equipped with the knowledge to understand if their tax code is correct or not and won’t know where to start. Financial education delivered in the workplace is crucial in helping employees with these basic skills.
For those who aren’t sure if they are paying the right amount of tax, you can check on HMRC’s website and if you think you are paying too much you can contact HMRC on 0300 200 3300.”
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