Enter Your E-mail

The Tax Guide for Students website (www.taxguideforstudents.org.uk) is sponsored by the Chartered Institute of Taxation (CIOT), funded by a grant from HM Revenue & Customs (HMRC) and operated in partnership with the National Association of Student Money Advisers. Its launch coincides with National Student Money Week, an event which seeks to raise the financial awareness of students. 

 

The website covers a range of financial issues likely to affect a student, including: part-time employment; student loan repayments; tax refunds; tax credits and benefits; volunteering and training; and studying abroad. All the tax topics that those in further and higher education need to keep them aware of their obligations – and on the right side of the taxman – are there.

 

Many students work part-time, whether during term time, in the holidays or both. This means that some students with an income will be subject to tax. Apprentices will also be earning while they are on their course. As a rule, if people work and study, it is important that they understand what income they can earn before starting to pay tax and National Insurance contributions, what their payslip shows and means and, if they have overpaid tax, how they should go about obtaining a refund.

 

Students working during study sometimes end up paying more tax than they should, or, alternatively, not paying enough, and they may, therefore, become liable for a penalty charge. The guide has been created to help alleviate the tax troubles of students and save them money.   

 

The guide also provides information about a career in tax – a challenging but rewarding profession, which students are encouraged to consider as an option for their future. 

 

The LITRG’s Tax Guide for Students website points out that there are very few industries that move as fast as tax. Tax affects everyone and is part of government, business and everyday life. So every time the law changes or a new budget is published, tax professionals need to expand their knowledge and adapt. Experienced tax professionals are always highly sought after. A career in tax might not be the most obvious decision for an undergraduate or school leaver to consider, but it has an enormous amount to offer, including variety, intellectual stimulation and plenty of responsibility. Also, with the introduction of the Higher Apprenticeship in Professional Services, which includes a tax stream, it is now much easier for school leavers to get into the tax profession than ever before.