All About Claiming Tax Rebates For Students
All over the world, the words "I am a student" are usually accompanied by an attitude of entitlement
. An attitude which says "Although I am not a minor, I should not be heaped with the responsibilities of an adult, but I should also be left to make my own decisions." Well, not with taxes. Many people do believe that simply because they are working students who are paying taxes, they should be given a tax refund for one reason or another. It does not work that way.
The good thing however is that many working and tax-paying students are due tax refunds more often than they seem to know. And although this does not automatically arise because of the fact that they are student, being students has a lot to do with why many of them are due tax refund. This is because; the nature of work that many students pick is such that it is not permanent.
So, how can you tell where you are due a tax rebate?
If You Joined Employment During The Tax Year
If you happened to get your job after the tax tear had already started, then it is safe to say that you are due a tax refund. This is because the tax commission allows for a certain amount of tax-free allowance to all the people earning less than 100 pounds in a year. Since a lot of people get their income monthly, the commission gets its revenue through the pay as you earn system. In this system, the tax free allowance is divided equally into 12 portions. So, if it happens that you joined employment three months to the end of the tax year, you will pay the tax on the three months under the assumption that you received the tax relief during the first 9 months, which you did not. If it happens that the total income that you received during that period is less than the tax free allowance, you will be refunded all the taxes that you had paid. If the amount is more than the tax refund, then you will be refunded part of what you had paid.
If You Left Employment During The Tax Year
This second case is similar to the first one only that this time, you begun with employment and ended without employment. If you worked during the first three months of the tax year, you were taxed based on the assumption that you will receive the tax relief for the remaining 9 months later on during the year.
It is important to realize that there are many variations regarding the tax rebates for students. However, the main point about the students' case is that their employment is erratic and there are very high chances of underutilizing their tax-free allowances.
All About Claiming Tax Rebates For Students
By: David Desouza
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