Could You Be Owed £700 Due to an HMRC Error on Your P60?

UK Employees Urged to Check P60 for HMRC Tax Code Errors

UK employees who have recently received a P60 from their employer are being encouraged to check it for potential HMRC tax code errors that could lead to overpayments. Employers had until 31 May to provide P60s to staff who were employed on April 5. Some individuals may have been issued incorrect tax codes, resulting in the potential overpayment of nearly £700. Importance of P60 Verification

A P60 is essential for verifying the amount of tax paid on your salary and can be used to reclaim overpaid tax, apply for tax credits, or provide income evidence when applying for loans or mortgages. Guidance on Tax Codes

The article highlights the significance of checking the 'final tax code' on the P60 statement and explains common codes to watch out for. It cautions that not all non-standard codes are errors and provides insights into circumstances where different codes may appear. Warning Signs

Robert Jones from a tax refund firm emphasizes the importance of monitoring the tax code on the P60, stating that even a single incorrect code could lead to excessive deductions by HMRC. He advises individuals to check for the standard code of 1257L and suggests action if a different code is present due to job changes or multiple employers. Stay informed with the latest news updates.