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Tax free income for students

Tax free income for students

Student festive helpers could get tax free income gift Students who work as Santa’s helpers, ice rink supervisors and shop gift wrappers are being reminded today that they may not have to pay tax on the income they receive over the festive season.With universities, colleges and schools set to break up for the Christmas holidays over the coming weeks, many students will be starting holiday jobs. HM Revenue & Customs (HMRC) is therefore reminding them that, as long as their total earnings for the tax year are less than the personal allowance of £6,475, they will not have to pay any tax.But to ensure that employers do not take tax off their earnings before it goes into their bank accounts or pockets, students have to fill in a form, P38(S).This can be found at: www.hmrc.gov.uk/forms/p38s.pdf.Those who fail to fill in the form and who do pay tax can claim it back afterwards, by submitting a form P50. The P50 can be downloaded at www.hmrc.gov.uk/pdfs/p50.pdf.Anyone who worked over the summer and earned less than £6,475, but paid tax on those earnings, should also apply for a refund as they could receive a Christmas present of £340 from the tax office.ContactsNDS EnquiriesEmail: ndsenquiries@coi.gsi.gov.uk

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