The Money Saving Expert says millions of people are paying the wrong tax and could be owed thousands
Martin Lewis returned to screens on Tuesday night to deliver his last self-titled ITV show of the year. The Money Saving Expert founder returned to host the hit programme The Martin Lewis Money Show Live, which is now in its 12th series, where he gives advice to viewers amid the crippling cost of living.
"For everything you earn above that you pay 20 percent income tax and 12 percent national insurance. So 32% of all earnings about that amount disappear. "That stops at £125,000 where you can back to the 42 percent and then the the 45 percent of tax hits for earnings above £150,000." "What this means is that wages are going up next year by around 6 percent but inflation is at 11 percent, so even though you're earning 6 percent more, things cost 11 percent more so in real terms it is a pay cut.
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