Students working summer jobs - Makesworth Accountants

Students working summer jobs

VAT – the concept of business | Accountants in Whistlefield Students working summer jobs | Accountants in Braemar | Accountants in Bullers Of Buchan | Accountants in Salcombe | Accountants in Poltimore | Accountants in Whitestone | Accountants in Bishops Nympton | Accountants in East Down | Accountants in Fremington | Accountants in Huntshaw | Accountants in Loxhore | Accountants in Beeford | Accountants in Morebath | Accountants in Beswick | Accountants in Broadwey | Accountants in Crendell | Accountants in Crambe | Accountants in Ellerker | Accountants in Hilfield | Accountants in Morcombelake | Accountants in Motcombe | Accountants in Stoke Wake | Accountants in Stanbury | Accountants in Farley | Accountants in Ashley Range | Accountants in Blacknest | Accountants in Deane | Accountants in East Cholderton | Accountants in Kilpatrick Hills | Accountants in Harestock | Accountants in Horton Heath | Accountants in Lepe | Accountants in Little London Andover | Accountants in Malshanger | Accountants in Middle Wyke | Accountants in North Gorley | Accountants in Ogdens | Accountants in Sheet | Accountants in Standford | Accountants in Warnford | Accountants in Stanton Lees | Accountants in Stonyford | Accountants in Tinkersley | Accountants in Simmondley

Students working summer jobs

Topic: Students working summer jobs

We would like to remind any students that had a summer, job that they may be entitled to claim back any tax overpaid. Students (and other temporary workers) are not required to pay any income tax if their earnings are below the tax-free personal allowance.

When preparing payroll calculations, employers are required to calculate the amount of tax you need to pay on the basis that you would be working for the rest of the tax year. This means that an overpayment of income tax can often happen where students earn more than their monthly allowance of £987 (£11,850 / 12) but over the course of the tax year earn less than their annual allowance. A student only working over the summer and earning more than £987 a month is unlikely to have exceeded the current £11,850 tax free personal allowance threshold.

Students that expect to earn less than £11,850 in the current tax year, (i.e. to 5 April 2019) can complete the P50 form entitled Claim for repayment of tax when they have stopped working. A refund of overpaid tax can be requested using an online version of the P50 form. The P50 form can only be used if you are not going to work for at least the next 4 weeks and are not claiming certain state benefits.

Any students that are continuing to work for the rest of the tax year in part-time jobs, should consider waiting until the end of the year to make a claim.

For more details on Students working summer jobs, Book a Free Consultation

See also  £750m support for charities

Need Accountancy Support?

For information on bespoke training, or if you have any other questions for Makesworth Accountant, please fill in your details below

Accountancy Support

Your Name(Required)

Proud to be featured in

Happy with our services? Please leave us a Google Review. Click here