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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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