MoNkEy MaGiC
Member
Registered: 12th Apr 03
Location: West - London Drives: Corsa GSi
User status: Offline
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im a student and hopefully i will be working full time for next 2 months before i go back to uni 
how does tax work exactly???
do they take of more if you earn a lot more per month???
is it a set rate they take of on the total you earn per month???
say i was earning £900 wages a month, how much would be taxed??
someone please shed some light on this as ive only had a part time job in the past and i havn t a clue about TAX!!!
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Tim
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Registered: 21st Apr 00
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Depends how the company do it. They'll either make you sign a form which states you're a student and will not earn more than £4715 in this tax year. If you sign it they will just not take tax off the wage...
Or they'll assume that you earn £900 for every month in the year, and tax you based on this yearly income. Then the months you don't work afterwards you end up with a negative tax figure and are repaid over the next few months.
Failing all this, they'll tax you and you'll have to wait to get a rebate from the tax man the following January...
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MoNkEy MaGiC
Member
Registered: 12th Apr 03
Location: West - London Drives: Corsa GSi
User status: Offline
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no i didnt sign any form like that, i did send of a p45 though??
so i guess they gonna tax me on a basis that im gonna be permenant-Full time??
so how much tax should i expect to be deducted??
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1600power
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Registered: 22nd Apr 04
Location: Shropshire Drives: 1.6 16v Sport
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if u didnt sign a form saying u are a student at ur current employers then yes ur going to get taxed 
its not cheap either sadly but i personally dont know the percentage they'll take off u.
Best advice is to get on the phone to ur local tax office and inform them of wots going on! all the numbers u need shud b on the copy of the p45 u wud have kept, or anyother form u've recieved from the inland revenue.
I did this wen i came back and it was all sorted over the phone, although i did also fill out one of these forms that said i was still in fulltime education!
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MoNkEy MaGiC
Member
Registered: 12th Apr 03
Location: West - London Drives: Corsa GSi
User status: Offline
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i have been un-employed for last 7 months and that job was just part time were i earned a basic of £400 per month which wasnt hardly taxed..maybe £10-£20...
and the thing now is that i applied for a full time position?? so do i really need to tell them that i will be going back to uni for full time education in few months just yet??
by which time i will change to PART TIME??
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Robbo
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Registered: 6th Aug 02
Location: London
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FACT: If you are only going to work over the holidays ask your employer for Form P38(S) Student Declaration Form... fill this in (states that your earnings will be below £4,745 for this tax year - likely if you only intend to work during hols) and then your employer will not take tax off you. I do payroll for several students.
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MoNkEy MaGiC
Member
Registered: 12th Apr 03
Location: West - London Drives: Corsa GSi
User status: Offline
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oh ok, i think i get it now
im only going to work FULL-Time for 2 months max and earn no more than £2k MAX in the 2 months, BUT after i want to stay as Part-Time...
....so as long as my earnings for this tax year, til aprill is £4745 or less i wont be deducted TAX as long as i get a p38 student dec form filled
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Robbo
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Registered: 6th Aug 02
Location: London
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Yep
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Robbo
Member
Registered: 6th Aug 02
Location: London
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Won't get any NI deducted either but no form needs doing for that
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BigSte
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Registered: 27th Aug 02
Location: Sheffield
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Thats right mate, P38 means that you will put on the 'NT' Tax code which stamds for No Tax.
You will still have to pay national insurance though.
Put in your earnings on this site and it will calculate it all for you, put NT as your tax code
http://www.listentotaxman.com/
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Robbo
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Registered: 6th Aug 02
Location: London
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Shouldn't pay any NI as the limit is still £4,745 for NI
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BigSte
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Registered: 27th Aug 02
Location: Sheffield
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that site doesnt calculate it properly on tax code NT but you definitely won't pay any
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BigSte
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Registered: 27th Aug 02
Location: Sheffield
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quote:
Originally posted by Robbo
Shouldn't pay any NI as the limit is still £4,745 for NI
Thats true.........didn't read the whole thread. You would only pay it if you went over the threshold
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Robbo
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Registered: 6th Aug 02
Location: London
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quote:
Originally posted by BigSte
quote:
Originally posted by Robbo
Shouldn't pay any NI as the limit is still £4,745 for NI
Thats true.........didn't read the whole thread. You would only pay it if you went over the threshold
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MoNkEy MaGiC
Member
Registered: 12th Apr 03
Location: West - London Drives: Corsa GSi
User status: Offline
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thanks a lot guys
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