Becca28
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#21
Report Thread starter 13 years ago
#21
typical mod...
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bewithoutyou
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#22
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#22
(Original post by AT82)
That is a load of crap, yes students don't have to pay council tax but they still have to pay income tax just like anybody else depending on their earnings.
True, but the vast majority of students will not earn over the personal allowance threshold (which I believe is around £5,035 at present) and so, frequently, will not have to pay income tax. Becca, if you're earning less than this, you can claim it back at the end of the year and it might be worth chatting to your employer about getting your tax code changed.
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Becca28
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#23
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#23
(Original post by bewithoutyou)
True, but the vast majority of students will not earn over the personal allowance threshold (which I believe is around £5,035 at present) and so, frequently, will not have to pay income tax. Becca, if you're earning less than this, you can claim it back at the end of the year and it might be worth chatting to your employer about getting your tax code changed.
thanks i'll try and ask when im in the office next at work
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andyhopkins
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#24
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#24
Becca - it sounds as though you are being taxed through the PAYE (Pay As You Earn) system. This takes your weekly/ monthly earnings and multiplys it by the yearly amount. So say if you're earning £250 a week then it will tax you on the basis that you're earning £250 X 52 = £13000 which is over the tx threshold limit.

However because you're only working a few weeks per year i would imagine you'd be under the threshold limit (£4895 per year i think at the moment). This means that you can claim back the tax that you are being deducted wrongly.

What you should have done is filled out a 'P38(S)' form and given it to your employer before you started working as this would have stopped PAYE deducting tax from your earnings. However it is too late for that not since you're already earning.

What you need to do now is complete a 'P50' form and send it off to the inland revenue. (they are notoriously slow and you might need to call them up a few times to shivvy them along). This form is available here: http://www.hmrc.gov.uk/pdfs/p50.pdf or from your local tax place thing :-)
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Jitsu
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#25
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does anyone know when they actually return the money? as i filled out the form in january,, and the hr department said they would send it off to the inland revenue, but ive heard nothing.
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Becca28
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#26
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#26
(Original post by andyhopkins)
Becca - it sounds as though you are being taxed through the PAYE (Pay As You Earn) system. This takes your weekly/ monthly earnings and multiplys it by the yearly amount. So say if you're earning £250 a week then it will tax you on the basis that you're earning £250 X 52 = £13000 which is over the tx threshold limit.

However because you're only working a few weeks per year i would imagine you'd be under the threshold limit (£4895 per year i think at the moment). This means that you can claim back the tax that you are being deducted wrongly.

What you should have done is filled out a 'P38(S)' form and given it to your employer before you started working as this would have stopped PAYE deducting tax from your earnings. However it is too late for that not since you're already earning.

What you need to do now is complete a 'P50' form and send it off to the inland revenue. (they are notoriously slow and you might need to call them up a few times to shivvy them along). This form is available here: http://www.hmrc.gov.uk/pdfs/p50.pdf or from your local tax place thing :-)
thankyou so much for the info
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Angelica
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#27
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#27
(Original post by sweetie999)
does anyone know when they actually return the money? as i filled out the form in january,, and the hr department said they would send it off to the inland revenue, but ive heard nothing.
Well I assume they only give back the money at the end of the tax year. As the tax year is from April-April, I would assume you should be hearing from them soon.
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