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If you have
worked before and your employer
pays for you to attend a
full time university or
college course then you
they may pay you up to £15,000
per academic year free of
tax and national insurance! Ask
your employer to email us
for further information
to take advantage of this.
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If you have worked before
or claimed Jobseekers Allowance,
you should provide your
new employer with a P45
form immediately; otherwise
you will be taxed at 20%
on all your income with
no deduction given for your
personal allowance. If you
do not have a P45, ask your
new employer for a P46
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You can currently earn
up to £6,475 a year
without being taxed.. If
you work during holidays
and do not expect to earn
more than the tax free allowance
your employer should
complete
form P38(S), which allows
your wages to be paid gross
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If you have earned less
than the tax free personal
allowance of £6,475,
you can reclaim any tax
which you have paid during
the year.
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If all your income is below the tax free personal allowance, you can ask your bank / building society to pay you interest gross on your money in your bank.
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If you own a property or your parents are considering buying a property as an investment or you to use whilst at university, then make sure the property qualifies as yoiur residence to ensure no capital gains tax is payable on its eventual sale. This will also help keep your parents estate down for Inheritance tax purposes.
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If you have left your holiday job and do not intend to work again in the same tax year, the it is possible to claim back overpaid tax before the tax year ends. You will need to complete form P50 to do so.
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If you have more than
one job, then make sure
you recive your tax free
personal allowance against
the job that pays you the
most. As the second and
subsequent jobs will be
taxed at 20%, and you will
have to wait until the end
of the tax year before applying
for a refund.
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Check your tax position carefully when you finish your placement year job. There is a high chance you will overpay tax in two tax year if the job starts in the summer and ends one year later. This is because you may not receive all of your tax free allowances.
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