I'm going to lose my tax-free status - What shall I do?

Bossyboots

Hoddie wrote:

Impy78, the threshold for students is not £15,000. You are quoting out of context. The regulations allow employers to cover specific expenses incurred as a direct result of being a student (such as subsistence and travel), it does not allow them to pay a wage free of tax or National Insurance.

Employers do not have to make deductions from employees if they only work in holiday time and sign the relevant form unless/until their earnings reach the basic personal allowance threshold.

The other things said here about students and tax is correct in that it is based on personal allowances.

Hoddie_2

Employers do not have to make deductions from employees if they only work in holiday time and sign the relevant form unless/until their earnings reach the basic personal allowance threshold.

The P38(S) form to which you refer does not give students any tax relief, it simply allows them to use their personal allowance during recognised student holidays rather than across the year.

This is getting off topic in any case, the original question was whether tax should be deducted from investment income!

RayWolfe

James_Bond wrote:

I'm not too keen on the government getting hold of my hard earned interest.

Why?
Don't forget that other people’s tax has paid for your education amongst other things. Giving something back is what society is all about ... and how was it "hard earned"?
That’s not to say that you are wrong to investigate legitimate means of mitigating tax.

James_Bond

RayWolfe wrote:

Why?
Don't forget that other people’s tax has paid for your education amongst other things. Giving something back is what society is all about ... and how was it "hard earned"?

I fully believe that the education I recieved was one of the worst in the developed world.

Considering how much money the government get. The school I attended was filthy, teachers were unable to teach and was full of scum bags of the highest order. Perhaps you can understand why I don't want to "give something back." The place was an utter disgrace in every way.

RayWolfe wrote:

... and how was it "hard earned"?
That’s not to say that you are wrong to investigate legitimate means of mitigating tax.

I think all interest is "hard-earned." You find the best rate, and you'll recieve the benifits.



Thanks for the replies.

RayWolfe

OK, I can see how bad your education was if you can't read the word mitigate! Sorry that I criticised, you clearly need sympathy. Ahhhh! Is that better?
Now all you can hope for is that you don't get ill, because the rest of us have presumably not spent enough on the health service for your liking.

James_Bond

RayWolfe wrote:

OK, I can see how bad your education was if you can't read the word mitigate! Sorry that I criticised, you clearly need sympathy. Ahhhh! Is that better?
Now all you can hope for is that you don't get ill, because the rest of us have presumably not spent enough on the health service for your liking.

Have you had a bad day?

Or aren't I allowed to disagree with you?

Very odd.