2007-07-30 07:08:35 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
Students receive the same standard personal allowances (2007/08 - £5,225) that is given to every other UK resident.
However, you will only pay tax on that element of your total taxable annual income which exceeds the PA.
Depending upon one's individual personal circumstances, there may even be an entitlement to work-related allowances.
2007-07-31 02:26:41 · answer #1 · answered by Tax Chap 3 · 0⤊ 1⤋
Yes that is correct.
However what people are failing to point out is that there is a very good chance that you may be due a tax refund.
I am assuming as a student you are probably only working part time or for part of the year. If this is the case then you are probably being over taxed as your employer will probably work out your tax allowance on a pro rata basis.
If you want to read more about this, there is more information at:
http://www.taxfix.co.uk/student-tax-refund.html
Make sure that you claim back all the tax you are entitled to, as the tax man takes more then enough already. Good luck.
There is a income tax calculator also at that site which can help show how much of a refund you could get back:
http://www.taxfix.co.uk/income-tax-calculator.html
Good Luck
2007-07-31 09:37:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I think the myth starts from the fact that if a student ONLY works in the holiday periods they can complete a P46(student) that entitles them to receive their income tax free. HMRC do this as if a student only works in those periods they are unlikely to go over the tax threshold and this saves HMRC work. If you work any other period of the year e.g evenings weekends you are treated the same as everyone else. You'll be surprised how many students we get in who work all year but expect not to pay tax
2007-07-30 18:34:22 · answer #3 · answered by nicolabuddah 3 · 0⤊ 0⤋
That is correct, basic tax code. No extra allowances for being a student.
2007-07-30 14:15:12 · answer #4 · answered by Philip W 7 · 0⤊ 0⤋
You've already got 15 people telling you that the answer is "Yes" but I though what the heck. I'll do what the 14 people after the first power did and just add my "Yes" to prove that even when I dont know what I am talking about I will just agree what the first bloke says. Simple.
2007-07-31 20:15:55 · answer #5 · answered by Richard C 2 · 0⤊ 0⤋
There seems to be a myth that students don't pay tax, this is wrong!! If you earn more than £5,220 p.a you will pay tax, there are no tax breaks for students!!
2007-07-30 17:37:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, its the standard tax code for everyone, so it is correct.
2007-07-30 14:40:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes.
2007-07-30 16:20:09 · answer #8 · answered by Do not trust low score answerers 7 · 0⤊ 0⤋
so is mine and im not a student
2007-07-30 14:22:58 · answer #9 · answered by bigtdotcom 5 · 0⤊ 0⤋