Finally, we can say that summer is upon us. After one of the coldest months of May since records began we’re now recording averages of high 20’s, which for most students will mean summer holidays and seeing more of your friends. But for others it will mean summer jobs and earning money to save for university.
Unfortunately students, more than ever, need to take more notice of their tax code. The bad news is that school leavers doing paid work this summer ahead of university can earn less than the tax threshold but still see money deducted. Tax authorities have scrapped the P38(S) which allowed students working only in the holidays to ask their employer not to take tax off their wages.
I don’t remember ever having to worry about the tax system when I had a summer job, but it seems the tax system is far more complex now than ever before.
Let us know if you have ever had trouble with your tax coding as a student and we’ll advise you on your options to ensure that you are being paid the right amount and aren’t paying too much tax.