Today, a full-time student doesn’t exist
anymore because many work with a part-time job while studying. Some have
different jobs to make ends meet during vacations. As a working student, you
have tax liabilities, which the HMRC oversees. But the HMRC is not unfair,
students have a great cut from their payslips, but it is the student’s
responsibility to tell the employers they are not part of the Pay As You Earn
Code.
If you think you had paid too much tax
because of an error on behalf of you or your employer, you must have the
following documents with you before you could launch a dispute: A p60 or p45
from your employer, p11D, details of taxable state benefits received, bank
statements or certificates of tax deducted, building society statements or
certificates of tax deducted, dividend certificates, details of rental income
and expenses.
Students also have some tax credits. As
most college students are still below their twenties, students could claim for
Working Tax Credit or a Child Tax Credit, which could help them reduce the
amount of tax they pay on a monthly basis.
Student entrepreneurs will have some income
tax deductions and will have to pay for their employees national insurance. If
they are self-employed, they need to report their own income to the HMRC.
