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What is the tax situation for placement students?
Hi,
I'm currently on placement from Nottingham Trent University, running from last July to this August. I have been paying tax as i earn above the £6745 limit. However, as this is a new tax year, and i won't earn that much this year (as i get paid around 1k a month), i was wondering if i would still be entitled to pay tax?
Thanks
1 Answer
- fengirl2Lv 71 decade agoFavorite Answer
The annual tax free allowance of £6475 is divided eqaully throughout the year so that you get £539pm tax free. The rest is taxed at 20%.
When you leave in July, and if you are not going to work again this tax year, you can download form P50 from www.hmrc.gov.uk and reclaim the tax overpaid.
Source(s): ex Inspector of Taxes
