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There is a common misconception below in Britain that college students are exempt from paying revenue tax. In this short article, we discover the fact and the fiction powering college student taxes, and consider a search at how to declare back any overpaid tax that you have already paid out moved here .

We have a popular false impression listed here in Britain that pupils do not have to spend Income Tax - and while we hate to be the bearer of negative information, we are not going to lie. You pupils are just as liable to spend Cash flow Tax as any person else in Britain.

The confusion is most probably down to the reality that most college students generate much less than the yearly tax-free allowance - the threshold which establishes regardless of whether you earn enough to have to pay tax in the 1st spot. It's presently established at 6,475 for every calendar year, and with most college students earning considerably significantly less than this determine, the reality that you might be at uni is totally irrelevant here .

And nevertheless, despite the overpowering greater part of college students earning much less than 6,475 for every calendar year, a absurd quantity of you stop up paying also considerably tax each 12 months.

Students making use of to our support have usually paid out as well considerably tax for one of a few causes

- They have paid tax on the mistaken tax code

- They've left a work prior to the tax 12 months finish

- They've paid out tax on their cost savings when they didn't want to

We'll cover the problem of tax on savings earnings in a later on write-up. For now, allow us contemplate the initial two scenarios - how they come up, how they can be averted, and what to do if you've presently overpaid watch this video .

Paying out tax on the mistaken tax code

This circumstance often occurs exactly where college students are holding down several employment. Difficulties crop up simply because your once-a-year tax-cost-free allowance is not break up up and shared across all of your jobs. HM Income