So if I have a full time job during my gap year but I know I will only be working 6 months, I calculated I will earn £7000 in the 6 months, but if that were a year I would be earning £14,000 and that exceeds the personal allowance, so do they calculate it as if you were working a whole year? Do they wait till the month you reach £11500 before taking tax and personal insurance from you? So in other words will I not be taxed at all for the 6 months.
And say a new year from January to December I earned £12000, but it was two different jobs and not full time, do I still pay tax?
Lastly say my parents were helping me out with uni and transferred me £5000 per year straight from their earnings from the property they let out (so literally the guy who lives in the property transfers it straight to my account) and then I earn £12000 a year, will I have to pay tax on £17000 or £12000 ?
Please help!! It is very frustrating. Now I understand what people mean when they say they were taught about photosynthesis and World War One but not how tax works or actually important life skills you need
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How does TAX work??? watch
- Thread Starter
- 10-10-2017 14:42