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    I will be doing my summer internship at a BB in london.

    I will be working for 10 weeks on 45k pro-rata with 1k relocation.

    I am not from the UK and have recieved a lot of conflicting information regarding how much tax i will pay...

    Could anyone with a previous summer internship give some details on how much we are expected to pay (including national insurance...)

    Thanks guys
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    40% tax in the UK for someone in your income bracket.
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    Well, you'll be receiving pay for the holiday you won't take, I assume, so you'll be getting £9000 pre-tax? And you're taxable above £7475, I think, in 2011. So that's £1525 taxable, at a basic rate of 20%, which is £305, plus NI contributions, which will be £200 odd. So you'll probably end up on £8500, or a little less.
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    (Original post by henryt)
    Well, you'll be receiving pay for the holiday you won't take, I assume, so you'll be getting £9000 pre-tax? And you're taxable above £7475, I think, in 2011. So that's £1525 taxable, at a basic rate of 20%, which is £305, plus NI contributions, which will be £200 odd. So you'll probably end up on £8500, or a little less.
    In the end this will approximately true. However your take home will likely be a bit lower as you will be taxed as if you were working full time and then have to claim the income tax back next April/May.
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    (Original post by DeeDub)
    In the end this will approximately true. However your take home will likely be a bit lower as you will be taxed as if you were working full time and then have to claim the income tax back next April/May.
    Hi mate, do you know how to claim back the tax?

    I've done an internship last summer, but I don't think I have the P45 form with me currently. (It was with HR)

    I'm an international student so I don't know how the process work out in the UK and I'd appreciate a lot if you could help.

    Thanks!
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    (Original post by elva2sam)
    Hi mate, do you know how to claim back the tax?

    I've done an internship last summer, but I don't think I have the P45 form with me currently. (It was with HR)

    I'm an international student so I don't know how the process work out in the UK and I'd appreciate a lot if you could help.

    Thanks!

    It should be reasonably straight forward. Phone up your local tax office and go through the menus. They will ask you for your national insurance number.

    To find your tax office use this site:http://search2.hmrc.gov.uk/kbroker/h...tor.jsp?type=1

    If you were only issued with a National Insurance number when you started your internship then it is likely that your tax office is the office which covers the post code area for the place you worked. For The City and Canary Wharf that would be this one.
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    (Original post by DeeDub)
    It should be reasonably straight forward. Phone up your local tax office and go through the menus. They will ask you for your national insurance number.

    To find your tax office use this site:http://search2.hmrc.gov.uk/kbroker/h...tor.jsp?type=1

    If you were only issued with a National Insurance number when you started your internship then it is likely that your tax office is the office which covers the post code area for the place you worked. For The City and Canary Wharf that would be this one.
    Many thanks!
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    I'm in the same boat as you elva2sam, were you able to claim any tax back? I was going to call the tax office but if you didn't have any luck with it I won't bother
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    (Original post by feligjk333)
    I'm in the same boat as you elva2sam, were you able to claim any tax back? I was going to call the tax office but if you didn't have any luck with it I won't bother
    You should be able to claim it back. It is a straight forward process to find out, last time I phoned my tax office (about 1 week ago) I got straight through to an advisor.
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    (Original post by DeeDub)
    In the end this will approximately true. However your take home will likely be a bit lower as you will be taxed as if you were working full time and then have to claim the income tax back next April/May.
    Oops didn't mean to neg you - accident.

    Are you sure you have to wait till the end of the tax year? I think you might be able to do it instantly if you're not planning on earning any more.


    And for those asking, reclaiming tax is a lot easier than you might think. I just sent a letter with a copy of my P45 and some brief calculations as to what I should have paid and they sent me a cheque within a couple of weeks.


    Also, for full time students who work only in holidays and who don't earn more than the tax-free allowance of £7thousand and something then do a P60. It basically means you don't have to pay any income tax because you're not going to earn more than the threshold, thus saving you the hassle of reclaiming it.
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    (Original post by Maggieffc)
    Oops didn't mean to neg you - accident.

    Are you sure you have to wait till the end of the tax year? I think you might be able to do it instantly if you're not planning on earning any more.


    And for those asking, reclaiming tax is a lot easier than you might think. I just sent a letter with a copy of my P45 and some brief calculations as to what I should have paid and they sent me a cheque within a couple of weeks.


    Also, for full time students who work only in holidays and who don't earn more than the tax-free allowance of £7thousand and something then do a P60. It basically means you don't have to pay any income tax because you're not going to earn more than the threshold, thus saving you the hassle of reclaiming it.
    If you have a P45 then yes claim your tax back before the end of the year. However as I accepeted a grad role at the end of my internship I never recieved a P45 (i.e. I am currently registered as being employed but they don't pay me anything). This means I had to wait until they had filed a P14 and sent me a P60.
 
 
 
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