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Tax Deductions Newb
Skyhigh
Posts: 332 Forumite
in Cutting tax
First off, apologies for my ignorance - I've googled and read up, and called HMRC a few times but some issues still aren't clear.
Until recently I've been a full time student, I've just started my new full time job and I'm looking into the entire tax issue - since its costing me money
So far:
I've managed to get my tax code changed from BR to 522L with a P46 - and I'll be getting back any over-paid tax in my next pay packet direct from my employer as its before the end of the tax year. I've also filled in a form for HMRC confirming I was a student from the start of this tax year, to the date when I started work (therefore 'not earning).
I had a look on HMRC but its a bit useless:
http://www.hmrc.gov.uk/briefs/income-tax/deductions.htm
Now, tax deductions, this site:
http://www.hints-n-tips.com/articlolookdtax.htm
Says that student loan interest and eye glasses/contact lenses are tax deductable...
Now the first, I owe £18,000 in student loan at the current 4.8% interest rate, its going to cost me £864 in interest.
Is the site correct in saying that this is 'tax deductable'? Would it be the full amount of only a percentage?
Contacts cost me about £220 per year, and glasses around £300 (although I only get a pair every 3 years...so far), how does this relate to tax deductions?
Any help would be greatly appreciated.
:!:
Until recently I've been a full time student, I've just started my new full time job and I'm looking into the entire tax issue - since its costing me money
So far:
I've managed to get my tax code changed from BR to 522L with a P46 - and I'll be getting back any over-paid tax in my next pay packet direct from my employer as its before the end of the tax year. I've also filled in a form for HMRC confirming I was a student from the start of this tax year, to the date when I started work (therefore 'not earning).
I had a look on HMRC but its a bit useless:
http://www.hmrc.gov.uk/briefs/income-tax/deductions.htm
Now, tax deductions, this site:
http://www.hints-n-tips.com/articlolookdtax.htm
Says that student loan interest and eye glasses/contact lenses are tax deductable...
Now the first, I owe £18,000 in student loan at the current 4.8% interest rate, its going to cost me £864 in interest.
Is the site correct in saying that this is 'tax deductable'? Would it be the full amount of only a percentage?
Contacts cost me about £220 per year, and glasses around £300 (although I only get a pair every 3 years...so far), how does this relate to tax deductions?
Any help would be greatly appreciated.
:!:
0
Comments
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If you were in the USA I'm sure the information would be correct, sadly here its not.0
-
Oh well, had to be too good to be true.
Alternatively, does anyone have a list of possible tax deductions for the UK on income tax, if we have any?
[I've seen some for uniforms/dry-cleaning, but I'm not aware of any others]
Thanks
:!:0
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