Summer Internship Pay - Tax Question

You're earning more than a grand a week for an internship? Wow....
As for how much you keep, I would say that initially you'll be taxed as a 53k earner, and hence after the 10 weeks, your p45 should state that you've earned something like 7.5k-8k, and taxed a bit more than 2k.

However, come next April (end of tax year), you can send off forms to reclaim most of that tax back, as presumably you won't be working again during the tax year.

As I'm currently trying to plan my finances for the next academic year, I was wondering how much of the money earned during the internship I actually get to keep.

So, including the housing allowance, it works out at about 10300 pounds over 10 weeks.

How much tax do I have to pay on that?
Also, would it be possible to retrieve some of that tax at the end of the year, as, spread over the entire year, this isn't that much, hence I'm not reaching a certain threshold etc...?

I'm not from the UK, therefore apologies if I'm asking common knowledge questions here!
Thanks in advance!

cool, thanks for the help!
surely there must be some former summer analysts here who've had to deal with that before?

What people said above is correct, and what happened to me. You should get a certain amount tax free (£7475) and get taxed at 20% above that (about £500).

However, due to the PAYE system, they pro-rate your income to about £50k. Someone at this level would be paying 20% between £7475 and £35000, and 40% between £35000 and £50000, which is £11505. This is an effective rate of about 23%.

Hence you will be taxed at this rate and will end up paying about £2300 in tax (plus national insurance contributions on top of that).

You will be able to claim back £1800 once you finish working, and assuming you have no other income in the same tax year.