Quitting work part way through the year

antonia1

Hi, I want to quit my job and retrain as a physics / mathematics teacher and I'm trying to work out if I can afford to do it this year. It would mean working April - August, where I would earn £10 712.50 before tax. I am on PAYE though, so a total of £1519 would be paid in tax over that time. I have two questions:

1) Would I be able to reclaim any of this tax, and if so would I have to wait until the end of the tax year to do so?

2) I would be entitled to a tax-free bursary and tuition fee loan while retraining, would either of these things affect the answer to 1)?

I hope this is the right place, I normally hang out on the debt-free wannabe board.

CLAPTON

yes you will be able to reclaim (some) of the tax once you have finished earning (form R50)
and no, the bursary and loan do not count as taxable income

antonia1

That's excellent, thanks clapton :T

Mikeyorks

CLAPTON wrote: »

yes you will be able to reclaim (some) of the tax once you have finished earning (form R50)

That would be a P50 then.

CLAPTON

Mikeyorks wrote: »

That would be a P50 then.

thank you (is that again?)

I seem to have a habit of misquoting P50; I blame it on dysexia

regards

Mikeyorks

CLAPTON wrote: »

(is that again?)

Didn't like to mention it!

Just remember the 'P' for PAYE