The student and the tax man

elantan

hey peeps was wondering if any of you could share some light on a query i have....i am now a full time student (mature i think i am classed as) but having to still pay my mortgage and bills i need to work(currently have two jobs) whilst studying....i have been informed though that i can claim my tax back in april to cover the time whilst i am a student does anyone know if this is the case and if so how i can go claiming it ...i would dearly love to be able to pack atleast one of my jobs in but have just been landed with a £3,000 bill for my son so it doesnt look like i will be able to anytime soon...however if i did get a tax rebate it would certainly halp me out


thanks for any help you can offer

el

Lokolo

http://www.hmrc.gov.uk/students/fagr40.shtml

If you are not planning on working for the rest of the tax year.

Depending on how much you earnt in this tax year you may not get a full refund, maybe a partial.

elantan

thanks will go have a wee look just now

Penny_Rich

You are entitled to income of £6035 before paying tax. That is all income, including such things as interest from bank or building society accounts, as well as wages. If your total income doesnt exceed 6035 by next April 5th, then yes you can reclaim your tax. Phone your local tax office for advice.

Just a thought, but would you be entitled to tax credits at all, for your children?

elantan

i wish i was but alas no not a penny just found out i need to pay £3,000 for son to go to uni and he doesnt even live with us

Lokolo

Why do you have to pay him £3k for uni? Student loan is there for a reason.....

elantan

i know it is strange he applied for a loan from saas but they need mine and hubbys income and according to them because of the amount we earn we have to supplement his income to the tune of £3,000 ..he might not be fully entitled to all the loan ...i only got £890 for the year from then because of my income

elantan

and he doesnt live at home arggggghhhhhhh

Mikeyorks

elantan wrote: »

i have been informed though that i can claim my tax back in april to cover the time whilst i am a student does anyone know if this is the case

Sorry - but it isn't the case. Being a student gives you no dispensation whatsoever when it comes to Income Tax. If you work and earn above the Personal Allowance (£6035 to 5.4.09) then you're taxed exactly the same as anyone else. If you work - pay some tax (because your studies fragment your work patterns) - but overall earn less than the £6035 ........... then you can claim a refund .. just as anyone else can.

The only small benefit (?) from being a student and working is that you can apply for tax not to be deucted if you work solely in the holidays. But again there's the criteria the total earnings mustn't exceed £6035 :

http://www.hmrc.gov.uk/students/work_hols_while_student_8_1.htm

elantan

thanks very much for the info really appreciate it ...looks like i might need to go and get a job no.3 ..ce-la-vie

System

elantan wrote: »

i know it is strange he applied for a loan from saas but they need mine and hubbys income and according to them because of the amount we earn we have to supplement his income to the tune of £3,000 ..he might not be fully entitled to all the loan ...i only got £890 for the year from then because of my income

But a student loan is a loan which your son will eventually pay back and so I would have thought your son could have applied for the maximum loan which would not have taken either yours or your hubbys income into consideration. A student grant though is a different matter and is means tested.

Both my girls have succesfully applied for student loans and tuition fee loans without us having to give our income. We didn't bother getting them to apply for a grant because we know our income is too high.