Tax saving options to fund a part time masters?

mw083

Im about to start a part time masters while I work full-time and money is running quite tight to fund this even though i will be earning an income.

My question is quite simple, but I reckon the answer is slightly more complicated:

Is there anyway of benefiting from tax savings as a part time student?

eg1. Salary sacrifice scheme (this is the only one ive come up with!)
eg2. Income tax benefit - can I save on tax if my income is significantly reduced as eg1?
eg3. Housing benefit?? (am I eligible if I own a property and my income is significantly reduce as eg1.)
eg4. Do part-time students pay council tax?

For those of you wondering, my company does not offer sponsorship nor does the university if youre part time student.

Any advice would be much appreciated!!

Curlybee

Not sure about 1,2 or 3 (although I would say unlikely re 3 if your income is over a certain level) but 4 - yes, you do pay Council Tax as a part time student - I have for the last 5 years. Let's not even talk about the fact I have more contact hours than some full time students ...

Chris_Tax

Employer provided training is a tax-exempt benefit.

This means that your suggestion of a salary sacrifice scheme could be a suitable arrangement, where structured properly.

You do need to be careful though. The employer must arrange, organise, be invoiced for and pay for the training.

If you were to be invoiced personally and claim as expenses, this would be settlement of an employee's liability and liable to Income Tax & National Insurance through PAYE immediately.

You will likely need to convince your employer to take advice on this; unless they have some experience of SS arrangements.

agrinnall

noah_herman wrote: »

Hi,
Can you please elaborate please. need more information about the same.

Thanks

This will be a good opportunity for you to practice the research skills you will need for whatever course you intend to do by finding out for yourself rather than relying on other people to find out for you. But to give you a head start you could take a look here http://www.hmrc.gov.uk/payerti/exb/a-z/t/training.htm