The most common tax code is 1257L, which is based on the Personal Tax Allowance of £12,570
New tax codes are being issued as we enter the 2024/25 financial year, but how can you make sure you are not overpaying?
The most common one is 1257L, which is based on the Personal Tax Allowance of £12,570 - this is the amount you can earn before you need to pay tax. He said: “It is crucial to check your tax code as millions of them may be incorrect, and it is neither HMRC nor your employer is responsible for verifying the correctness of your tax code; it is entirely your responsibility.
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