Students – are you paying too much tax?

Published on 29 January 2013

Money is tight as a student, so you need to watch every penny. Supporting NASMA’s Student Money Week from 11 to 15 February, we are asking students to check their taxes. Join in, and find out more about other financial help available.

Each spring, the National Association of Student Money Advisers (NASMA) runs a ‘National Student Money Week’. This year it runs from 11 to 15 February. Look out for it on your campus.

The aim of the week is to increase awareness of the hard work done by Student Money Advisers in colleges and universities across the country and to improve the financial capability of students.

Tax – check yours

The NASMA website includes a range of resources to help students and their advisers to increase financial awareness.

LITRG has provided a ‘tax quiz’ for students to find out why tax matters to them and what to do if you might be paying too much.

Many students work – evening jobs, weekends, holidays – and because they often have a number of small jobs, the tax system can struggle to keep up. Until now, students could request that their employer allow them to fill in a form P38(S). This form enabled employers to deduct tax from students doing holiday jobs so long as they did not expect to earn more than the personal allowance during the tax year and did not also work at other times during the year. But with the abolition from 6 April 2013 of the form P38(S), there will no longer be any special tax rules for students, so more might need to claim a tax refund. More information can be found on our website in the students section.

Future help – get involved

LITRG is currently producing a new Tax Guide for Students website to help more students to navigate the tax system in future. If you would like to get involved with this project, please contact us via the website.

(29-01-13)

Contact: Kelly Sizer (please use form at http://www.litrg.org.uk/ContactUs)