If you are one of the three quarters of students who work while studying, now is the perfect time to spring clean your finances, because you might be entitled to a tax refund.
If you are one of the three quarters of students who work while studying, now is the perfect time to spring clean your finances, because you might be entitled to a tax refund.
If you have worked during the last 12 months, you can check to see if you’ve paid the right amount of tax using HM Revenue and Customs’ new Tax Refund Calculator, which can be found at www.studenttaxadvice.org.uk or on facebook at http://apps.facebook.com/uktaxrefundcalc/. If you think you’re due to a refund, these websites tell you how to go about claiming.
The new tax year which started on 6 April brought a change to the Personal Allowance. This is the amount you earn tax free. It has increased from £5225 to £5435. This means that you can earn about £104 per week or £443 per month before you start paying tax.
Students can find the answers to their tax-related questions on the HM Revenue and customs website, www.studenttaxadvice.org.uk. You can alco check out our tax information clips on You Tube for more information; all you need to do is visit YouTube.co.uk and search for ‘studenttaxadvisor.’