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TAX TAX TAX AND TAX The problem with tax is, well its everywhere, only two things in life are certain death and tax. Then again if you know what tax and how it effects you, you can find ways to reduce your tax legally. Another expert money saving tip from students at uni. That personal finance and budget planning sheet might just change dramatically for the better.

Council Tax
Council tax is a property tax. How much you pay is based on where you live, the value of your house and who lives in it. As a student, you may be exempt or pay less tax depending on your situation.

Students in a full-time course and attend classes 21 hours a week for a minimum of 24 weeks a year may get a reduction, students who are under 20 years old also can, and studying a course not above A levels, ONC or OND. But don’t forget to get a certificate from your university/college proving that you are a full-time student; you could be asked to forward this on to your local council.

You may not have to pay any council tax if you live in halls of residence, or if you live in a private flat where everyone is studying full time.

To ensure that you don’t overpay your taxes or have a landlord wrongly try to squeeze you for a few more drops of cash out of you, contact your local council for the low-down your situation by clicking this link.

National Insurance
Students who work and earn more than 87 per week will, unfortunately, be required pay National Insurance, as do post-graduate students who are teaching or demonstrating.

The government collects National Insurance to help pay for Jobseeker’s Allowance, Incapacity Benefits and your Retirement Pension whether or not you later require those services.

Your contributions are deducted from your pay, through your employer. However, if you are under 16 or do not work and are a full-time student, then you will not have to contribute to NI.

Income Tax
Income Tax is the money the government collects, for . . . it’s self I guess but they would of course argue it’s for this and that, which supposedly benefits you. The more you earn at your job, the more you will have to pay. The tax year in Britain runs from 6 April to April 5 the following year and you will have to pay your taxes towards the end of January each year.

But if you earn less than 4,615 a year (the tax-free personal threshold for 2002/3), you won’t be required to pay any tax at all. To qualify (and only if you’re doing the work during the summer holidays), ask your employer for a P38 form.

If you have earned less than the threshold and find you still have inadvertently been paying taxes, you can always reclaim it back from Inland Revenue by asking for a tax rebate form at the end of the year, this is called emergency tax.

The Inland Revenue can give you more information if needed.
 

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