Earning while on student finance?

merlin1

Hi all; I have just been glancing over at the 'up your income' board and have a few questions about earing as a full time student.

I have just found out that my final day at uni for my first year is at the beginning of may, so I have around 5 months where i can earn a little extra. I've averaged 42 hours a week at uni and i dont want to be bored!

Now i'm not looking for a permanent employed position as such as I do know I will have uni work to do over the summer, but if i were to do some surveys, maybe a carboot or 2, as 'time fillers' for what I would call pin money, is any of my student finance affected? I get full loans and grants and ctcs, also some help toward my rent?
Also would I have to register self employed to do the above?

I am also applying for an internship, that is 1 day a week for 3 months and pays a bursary of £300, does this have any effect too?

Many thanks

Masomnia

As far as I know with regards to car boots etc you only need to declare it if you bought the stuff for the purpose of selling it on, ie. you're running it as a business. If you're just shifting second hand stuff then you don't need. Whether people declare earnings like that anyway I'm sceptical about!

Surveys I shouldn't think count as taxable income.

The internship money you earn would need to be declared, afaik.

You shouldn't need to register as self employed, HMRC will probably just adjust your tax code to take into account extra earnings.

merlin1

Hey, thanks for your reply

Carboots will definately be just to clear some of my own rammle that i will sort out during my planned spring clean!

If my application for the internship is successful I'll let the relevant people know then

thanks again x

Masomnia

You're welcome

Bear in mind you need to be earning £9k per annum before you'll owe any income tax anyway, so you'll have to work a lot in those 5 months

merlin1

:rotfl:That'll be either an infinate number of surveys or finding that worth a fortune item while i spring clean that i never knew i had then!

Fire_Fox

http://www.hmrc.gov.uk/selfemployed/

"Am I liable to tax on the sales I make?
If you are just selling some unwanted items that have been lying around in the attic, the answer is probably no. In order to pay tax on the goods you sell, you either have to be trading or make a capital gain. If you are trading you will be self-employed.

Am I trading?
Essentially ‘trade’ is a two-way relationship between a trader and a customer – where the trader provides goods or services to the customer for reward on a commercial basis. In addition, the courts have identified ‘nine indicators or ‘badges’ to help decide whether a trade exists or not. It is not always easy to decide even using these ‘badges’ because a trade may exist even if only one or two of the indicators are present.

Once you have read this guide and examples and you still don’t know whether you are trading, please contact us so we can help.

You are trading if you:

sell goods you have bought for resale
make items yourself and sell them, intending to make a profit
sell (or buy) goods on behalf of others for financial gain (for example on commission)
provide a service and receive payment (whether in cash or in kind).
If you are trading you may have to pay Income Tax and National Insurance Contributions (NICs) and VAT, and we will treat you as self-employed in that trade.

But you are not trading if you:

sell occasional, unwanted personal items through Internet auctions or classified advertisements
attend a car boot sale once a year to sell unwanted household items.
If you are not liable to Income Tax you may still be liable to other taxes."
http://www.hmrc.gov.uk/guidance/selling/income.htm


"Evidence of unearned income

As a student, you'll be asked to estimate any unearned income for the academic year, such as income from savings and investments. You may be asked to give evidence of this unearned income at the end of the year.

You don't have to include any income that you get from earnings, such as income from a part-time job.

Evidence of unearned income can include copies of:

bank statements
self-assessment tax return"
http://www.sfengland.slc.co.uk/full-time-study/new-students/how-to-apply/evidence-students.aspx