Income Tax Question

I'm currently on a placement year at university meaning I started working in July and will finish in July before returning to uni for another year.

My salary for these 12 months is £18,000 - meaning I will earn £13,500 before the new tax year in April and £4,500 after. Does this mean that only £2,500 of my total income from the year is taxable (£13,500 - £11,000)? And that therefore the only income tax I should have to pay is £500 throughout the entire year, assuming no other income?

Thanks to anyone who can help, I'm just starting to understand how the tax world works!
Alec

Comments

This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.3K Banking & Borrowing
  • 252.9K Reduce Debt & Boost Income
  • 453.2K Spending & Discounts
  • 243.3K Work, Benefits & Business
  • 597.8K Mortgages, Homes & Bills
  • 176.6K Life & Family
  • 256.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.