new sticky for student tax info?

melancholly

there are always a lot of threads asking the same info, so can we have new sticky stating the basics?

things that come up a lot are:

1. student council tax exemption
students are exempt from paying council tax, but usually require a letter confirming student status from the university. it is worth checking when the status of 'full time student' ends, as some students end up paying in the summer after exams and before graduation (this varies).

2. part time jobs and tax
everyone has to pay tax on any earnings above the tax free allowance (£5435 for 2008/9), regardless of student status. a year round part time job that earns over this will result in tax being paid.

3. holiday jobs and tax
if a summer job is the only source of income and is not going to result in earnings above the threshold for paying tax, students can fill out a student exemption from (P38(S)). this means that no tax will be taken. even if this isn't done, any extra tax can be claimed back at the end of the tax year.

4. taxable income
student loans and PhD stipends do not count as taxable income.


useful website with all the forms:
http://www.hmrc.gov.uk/students/


does anyone else have anything to add (probably missed a lot!)

Sol00

Hi quick question about tax for summer jobs.

I have just finished college and start uni in sept as a first yr student, so I currently not a student for 3 / 4 months. As my job will only be for that time and I won't earn above the threshold, would I still complete the P38 form?

Thanks

melancholly

it's a student exemption form, so if you're not a student, it won't apply! you will be able to claim any tax back at the end of the year, or if you aren't going to earn any more, as soon as you start uni fill out a P50 and get the tax paid back then.

http://www.hmrc.gov.uk/pdfs/p50.pdf

melancholly

actually, you may still count as a student until results. give you local tax office a ring and check. to find it online you need a reference from your payslip.... there must be a number for your local tax office somewhere, but i can't find it on the HMRC website easily....

iNFLUENCE_2

My advice here would be slightly diffrent here. Considering the government consider you a student from a job seekers allowance point og view between college and Uni, i'd fill out the tax form as a student. Worst that will happen is it will be rejected. Your not defrauding the government out of money, since it isnt entitled to tax you anyway

Lokolo

To be honest. I just pay taxes normally etc. as I don't really know if I will be working at what points, then when I fill in tax return form I go 'GIVE ME SOME MONEY'. I treat it like a little Easter bonus (worked loads last 2 weeks, paid £45 tax! I was appauled! haha)

Sol00

OK thanks guys I'll prob just go down the P50 route.