| Students are being
reminded that they may not have to pay
any tax on the money they make from
summer jobs. Many college and university
students take on temporary work over the
summer to earn extra cash but HM Revenue &
Customs (HMRC) says that they may not know
that – provided their total earnings for
the tax year are less than the personal
allowance of £7,475 – they will not have
to pay any tax on the money they make.
To ensure their employers do not deduct
tax they do not need to pay, students must
fill in a form P38(S), which they can
download from the HMRC website at
www.hmrc.gov.uk/forms/p38s.pdf
Students who fail to fill in the form
can reclaim any tax paid by sending HMRC a
form P50, available at
www.hmrc.gov.uk/pdfs/p50.pdf
Stephen Banyard, director general of
personal tax at HMRC said: “We don’t want
students to pay tax when they don’t owe
any, so we’re encouraging them to fill in
a P38(S) and return it to their employer.
That way they can keep all the money
they’re earning for student life’s
essentials.”
LINK:
Student tax advice |
