There’s a popular misconception here in Britain that students are exempt from paying income tax. You students are just as liable to pay Income Tax as anyone else in Britain.
- They’ve paid tax on the wrong tax code
- They’ve paid tax on their savings when they didn’t need to
Paying tax on the wrong tax code
HM Revenue ; Customs generally allocates your tax-free allowance to the first job in full – so the first 6,475 you earn with this employer will be tax-free. A ’647L’ tax code indicates that you are receiving the tax free allowance, and a ‘BR’ tax code indicates that you’re not.
If your combined income for both jobs does not exceed the tax-free allowance, this situation will almost certainly lead to an Income Tax overpayment and you’ll need to apply for a tax refund at the end of the tax year.
Leaving your job prior to the tax year end
Throughout the placement, HMRC will tax you on the assumption that you’ll earn 15,000 by the tax year end (1st June – 5th April).
Claiming a Tax Refund As a Student Or Recent Graduate
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