Student Tax

I would think with that level of earnings once the tax code is changed it should all be sorted out and refunded quite quickly.

If she hasn't used any of her £5435 personal allowance this tax year she will currently have 4 months (April-July) to utilise, so that's £1,811 which should cover her previous earnings that she's been taxed on, so hopefuly it will be refunded in her pay after the tax code change.
 
Danger Phoenix said:
What happens if she has been paying tax last tax year too?
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If she paid tax and shouldn't have last year then contact HMRC and ask to get it refunded by cheque. She might need to send them her P60 for the last tax year along with any other forms/letters they want.
 
Guv said:
If she paid tax and shouldn't have last year then contact HMRC and ask to get it refunded by cheque. She might need to send them her P60 for the last tax year along with any other forms/letters they want.
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She is going to get so confused by all this... I think I best call them and ask on her behalf, lol!
 
Danger Phoenix said:
She has been paying tax since October 2007, so are the P46 and R40 the right forms?
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I think R40 as posted above for 07/08 tax and once the tax code is corrected this year using the P46 any tax overpaid since 6 April 2008 will get refunded automatically.

Might be an idea to ring HMRC to confirm that though.
 
i should think so. in some cases her employer may even sort out the tax she has already paid. when i started paying basic rate, i just gave my employer the necessaries for them to get my tax right and they gave me the tax back that i had already paid.

daven
 
Grrrrr said:
Being a student has no bearing at all on how you are taxed.

If you earn £5,435 or less in this financial year you will be reimbursed any tax you have paid. If you expect to earn less than £5,435 in this financial year, for example having a summer job but not expecting to work for the rest of the year you can contact HMRC who will give you a form to fill out which will stop you from being taxed. If, however, you do go above the limit having filled in that form you will be taxed heavily on anything you earn after.

In your case it's likely you will be given a tax rebate at the end of the financial year automatically, if not then you should contact HMRC requesting a rebate
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Good post, I don't know why people think student status make us any different
 
daven1986 said:
i should think so. in some cases her employer may even sort out the tax she has already paid. when i started paying basic rate, i just gave my employer the necessaries for them to get my tax right and they gave me the tax back that i had already paid.

daven
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I somehow doubt Clinton Cards will be that helpful, lol!
 
tax is really confusing, ive been on BR thing last year for a summer job....lasting 5days as a temp, got taxed someting like £40 and never got it back automatically (as far as iam aware)
now this summer, asked for the forms to fill in to claim it back, some confusing thing there, but with my new job signed a R38, and my next job will also hand in an R38, both will mean Iam tax free but will never see that £40 back.....unless job after that (will be weekend) pays it back to me as I would be going back to not having an R38....and then of course i would be taxed heavily if i earn more than £5kodd, but then should also get that personal allowance back at the end of the tax year.....*gets mega confused*
 
let me try and work this out.
to keep things basic Ive changed personal allowance to £5,500 and tax at 10% (i have no idea what it really is)

so ive worked this summer, tax free, for say £2500
i then work over uni and, let just say in that time i would earn £3000
i get the first £2000taxed at 10% then, uh-oh tax office realises ive had tax free sum of £2500 meaning ive allready reached my £5,500 tax free limit
the remainder £1000 would earn is (for example) taxed at 20% since some-one has said i would be penalised since Ive received stuff tax free.

then what would happen?
would i then get 10% back of £5500 so £5500 plus the what ever ive been taxed on cause of the 20%...which would be then reduced down to 10% normal tax, so an other £100, or would i lose that 20% increased tax alltogeather?

or would i just be getting taxed normally, like that £2500 never happened, its taken into account at the end of the year, so instead of getting back 10% of £5500, i would only get 10% back of £2000?

imma really confused here and hoepfully that shows how my brain is trying to work it all out
 
i still need to fill out an R40 for 2005/06. Did the one for last tax year as soon as I got my P60 - but the 05/06 one is only £100 ish and I have no idea what my income from bank interest or all that was that year :s
 
how do you avoid paying tax on your interest? I thought you had to pay it if you were over 18. Also, you'd have to pay it, or at least some income tax, if your earnings+interest>Personal Allowance surely?
 
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