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    For those stressing about earnings for summer 2010 internship and its taxable implications there is some good news! And its name is Personal Allowance!

    If you dont plan to work before or after your internship in the 2010 Financial Year April 2010 - March 2011 then your personal allowance is: £6,475. This means you'll only pay Income Tax on earnings above that. You can fill out p50 form from HMRC and send this off with your P45 and you will be given a rebate for the excess tax. Unfortunately you will get taxed as if you were earning 42k pa when working.

    Just my quick Math on this: 42k a year is about £8100 for the Summer (10 Weeks). You should only pay tax on 8100 - 6475 (Personal allowance), at 20% (IT) + 9.5% (NIC). Which equals: £470. But infact you pay more and will only receive in your pay packets: 5943 (810 a week * 0.705 * 10), so you're overpaying tax (which is reclaimable) of £1700.

    My Mum, being self employed, taught me to be weary of the tax man.

    So please enquire at your banks about the p50 form so you can claim this tax back! Although our government needs all the tax receipts they can get....
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    (Original post by ExclusivelyJulian)
    For those stressing about earnings for summer 2010 internship and its taxable implications there is some good news! And its name is Personal Allowance!

    If you dont plan to work before or after your internship in the 2010 Financial Year April 2010 - March 2011 then your personal allowance is: £6,475. This means you'll only pay Income Tax on earnings above that. You can fill out p50 form from HMRC and send this off with your P45 and you will be given a rebate for the excess tax. Unfortunately you will get taxed as if you were earning 42k pa when working.

    Just my quick Math on this: 42k a year is about £8100 for the Summer (10 Weeks). You should only pay tax on 8100 - 6475 (Personal allowance), at 20% (IT) + 9.5% (NIC). Which equals: £470. But infact you pay more and will only receive in your pay packets: 5943 (810 a week * 0.705 * 10), so you're overpaying tax (which is reclaimable) of £1700.

    My Mum, being self employed, taught me to be weary of the tax man.

    So please enquire at your banks about the p50 form so you can claim this tax back! Although our government needs all the tax receipts they can get....
    You'll still get taxed though, will have to reclaim it back in April as I did last year. Pocketed a neat 800 quid as it happens
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    (Original post by loggins)
    You'll still get taxed though, will have to reclaim it back in April as I did last year. Pocketed a neat 800 quid as it happens
    It doesnt have to be in April, if you dont plan to work again in the financial year then you can claim it back early.
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    I did this ^ (received some ~723 in November back from last summers intern). Even if youre going to work again that year, theyll end up taxing the appropriate amount anyway.
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    those that are considering staying in the docklands area and such, please take the advice of people that actually live in London, and just dont. It is a soulless and boring (and sometimes more dangerous) area of London. You do know that there wasnt anything there at all until the Big Bang explosion of the 1980s?

    If you really want to experience London outside of work hours, dont limit yourself to the area near Canary Wharf because you may get an extra 30mins in bed. The whole area becomes a wasteland at weekends with very little to do. You wont really be living in 'London' if you just stay in that area.
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    You guys who are concerned about tax might like to know that if you're a student working only in holiday periods (this bit is important), then HMRC operate a concessionary approach whereby you can arrange to receive your pay without deduction of Income Tax in the first place (provided that your total annual income is expected to be covered by your personal allowance, currently £6,475 for most people). Just download a form P38(S) (available here), fill this in and give it to your employer.
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    (Original post by JakeF)
    those that are considering staying in the docklands area and such, please take the advice of people that actually live in London, and just dont. It is a soulless and boring (and sometimes more dangerous) area of London. You do know that there wasnt anything there at all until the Big Bang explosion of the 1980s?

    If you really want to experience London outside of work hours, dont limit yourself to the area near Canary Wharf because you may get an extra 30mins in bed. The whole area becomes a wasteland at weekends with very little to do. You wont really be living in 'London' if you just stay in that area.
    If you're working 60-100 hours a week, it really doesn't bloody matter where you live, you won't see much outside of the office for 10 weeks, trust me, just grab whatever you can as an intern, as accommodation is tough to find on such a short let.

    As somebody who's spent the last two summers living in Canary Wharf and the City respectively, I must say that the busyness and stress of the latter really put me off ever wanting to live there full time. Furthermore, don't believe the myth that everywhere in the Docklands is a ********, of course certain parts (like Deptford etc...) are quite grotty and probably a bit dangerous, but you can't get too much safer than living in Canary Wharf (which has 24 hour undercover security guards roaming it), while bits like Limehouse, Cutty Sark and Canada Water are actually pretty tidy.

    Jake, have you worked Markets/IBD hours before? If so, surely you'd know just how significant gaining an extra hour a day is, by living close to the office.
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    (Original post by loggins)
    If you're working 60-100 hours a week, it really doesn't bloody matter where you live, you won't see much outside of the office for 10 weeks, trust me, just grab whatever you can as an intern, as accommodation is tough to find on such a short let.

    As somebody who's spent the last two summers living in Canary Wharf and the City respectively, I must say that the busyness and stress of the latter really put me off ever wanting to live there full time. Furthermore, don't believe the myth that everywhere in the Docklands is a ********, of course certain parts (like Deptford etc...) are quite grotty and probably a bit dangerous, but you can't get too much safer than living in Canary Wharf (which has 24 hour undercover security guards roaming it), while bits like Limehouse, Cutty Sark and Canada Water are actually pretty tidy.

    Jake, have you worked Markets/IBD hours before? If so, surely you'd know just how significant gaining an extra hour a day is, by living close to the office.
    Unfortunately, not as of yet, first time this summer (Despite being final year), so i cant comment on the extra hour a day gain and its advantages. However i do understand that, and whilst youve spent two summers in the city, for me personally, id just prefer to be more central than in E14.

    I guess its also a little different between IBD and markets. Im not advocating living in the City, definitely not. What i am saying is that for those that are looking at spending £220pw plus, then they should have a look around Covent Garden, and especially Marylebone what with its direct Jubliee Line access and all. Imo, both considerably preferable places to go back to and much more convenient to use at the weekend. Especially during the summer when you can go chill at Regents Park, or wander up to Camden Lock etc.

    I guess im also biased in the fact that im already in London and all of my friends and life is around central (not really much further than Camden) so i really wouldnt want to live away from it all.
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    (Original post by loggins)
    If you're working 60-100 hours a week, it really doesn't bloody matter where you live, you won't see much outside of the office for 10 weeks, trust me, just grab whatever you can as an intern, as accommodation is tough to find on such a short let.

    As somebody who's spent the last two summers living in Canary Wharf and the City respectively, I must say that the busyness and stress of the latter really put me off ever wanting to live there full time. Furthermore, don't believe the myth that everywhere in the Docklands is a ********, of course certain parts (like Deptford etc...) are quite grotty and probably a bit dangerous, but you can't get too much safer than living in Canary Wharf (which has 24 hour undercover security guards roaming it), while bits like Limehouse, Cutty Sark and Canada Water are actually pretty tidy.

    Jake, have you worked Markets/IBD hours before? If so, surely you'd know just how significant gaining an extra hour a day is, by living close to the office.
    perhaps if you are working in IBD this makes sense, but if you are working market hours where you can actually see your friends in the evening then living centrally takes the cake.
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    I'm working in markets at a Canary Wharf-based bank so living at All Saints is tidy.

    4 stops away on the DLR, flat will be literally 20 metres from the DLR station and bus station, so it should take around 10 mins to get into work.

    Rent would be cheap too - £240/week + bills in a 2 bedroom flat (3 people) - which works out ~£80/week.
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    (Original post by awm55)
    perhaps if you are working in IBD this makes sense, but if you are working market hours where you can actually see your friends in the evening then living centrally takes the cake.
    But if most of your friends in London work in CW anyway (as mine do), then it doesn't make a great deal of difference :p:.

    Also, re: Jake's point, I can understand why somebody used to living in London might prefer living in the City, but in my life I'm used to waking everywhere in under 15 minutes, haha.
 
 
 
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