How to get a student tax refund in the UK
More and more students work while studying so as to achieve financial independence. Another reason why students look for employment during university years is that they need to gather work experience. There are many benefits that come with having a job, yet there are many disadvantages as well. When you undertake paid work you are required to pay income tax and, of course, insurance. These financial contributions are generally deducted from the salary. It is needless to say that this is not favourable for those with a minimum wage income. If you are struggling to make ends meet, you should not miss the opportunity of claiming a tax refund. The fact is that all students are worthy for a restitution. Those who have spent their free time working can and should claim tax refund. The only problem is that that the UK legal system for assessing and collecting financial contributions does not make things easier for students. On the other hand, this article will.
Avoid tax complications
It is not at all surprising that so many students make their situation difficult. They change jobs on a regular basis and some even hold more than one job at a time. In addition to these working patterns, it is important not to forget that all financial contributions are deducted from wages through PAYE scheme (Pay As You Earn). If you do not change your job until the end of the year, then the financial contributions that you owe will be calculated correctly. The point is that you need to be constant in your actions; otherwise, you will end up paying more than necessary. What is more, if you are on minimum wage, the Pay As You Earn scheme taxes your income when it should not.
How to claim tax back
Students do not solicit a tax refund out of belief that they are not eligible to anything, when in fact they are. You can claim a rebate on your income expense even if you have left work. When the system has let you down, it is necessary to get a P45 form from your previous employer and download the P50 form from the web. Once you have completed Part 3 and Part 4 of the P45, you have to send them together with the P50 to the HM Revenue & Customs. It is important not to forget to keep a copy for yourself. Although you can undertake this on your own, you should consider using a tax refund specialist. If you are still employed, the best thing to do is call the HMRC and explain your current situation.