Money is tight as a student and every little counts, so LITRG is supporting NASMA’s Student Money Week from 11 to 15 February, asking students to check their taxes.
Background
Each spring, the National Association of Student Money Advisers (NASMA) runs a ‘National Student Money Week’. This year it runs from 11 to 15 February. The aim of the week is to increase awareness of the hard work done by Student Money Advisers in colleges and universities across the country and to improve the financial capability of students.
Tax – check it’s right
The NASMA website includes a range of resources to help students and their advisers to increase financial awareness. LITRG has provided a ‘tax quiz’ for students to find out why tax matters to them and what to do if they might be paying too much.
Many students work – evening jobs, weekends, holidays – and because they often have a number of small jobs, the tax system can struggle to keep up. Until now, students could request that their employer allow them to fill in a form P38(S). This form enabled employers to deduct tax from students doing holiday jobs so long as they did not expect to earn more than the personal allowance during the tax year and did not also work at other times during the year. But with the abolition from 6 April 2013 of the form P38(S), there will no longer be any special tax rules for students, so more might need to claim a tax refund. More information can be found in the students section of the LITRG website.
Future help – get involved
LITRG is currently producing a new Tax Guide for Students website to help more students to navigate the tax system in future. Anyone wishing to get involved with this project should contact LITRG via the group’s website.
Useful links
National Association of Student Money Advisers’ Student Money Week
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