The new financial year has started which means every worker should check their next payslip.
Workers are being urged to check their payslips this month for tax code errors after the new financial year started on April 6. Employees who have also received a pay rise may see their deductions also increase, meaning that despite an income boost, it may be lost to income tax or National Insurance deductions.
The Scottish Fiscal Commission predicts these changes will raise £129 million in 2023-24. The Higher Rate threshold will also remain at its 2022-23 level, applying to earnings over £43,662, which will increase revenue by a further £390million when compared to uprating the threshold by inflation, according to Scottish Government estimates.
She added: “Now that the new financial year has started, I’d also encourage people to check that the tax code is correct on the first payslip they get. If you think your tax code is wrong, you can check your details with HMRC [HM Revenue and Customs] who will be able to help.” Checking your tax code The easiest way to do this is to look at your payslip. One you have a note of your Personal Allowance tax code, you can go to the GOV.UK website and use the online “Check your Income Tax for the current year" service. This tool, which covers the current tax year, can be used to check your tax code and Personal Allowance, and to see if a tax code has changed.
For example, an employee with the tax code 1257L can earn £12,570 before being taxed. If they earn £30,000 per year, taxable income is £17,430 .
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