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Students - Claim Tax Refunds Now
03 September 2018
Graduates who have been working over the summer must make sure they have not overpaid tax, says the Low Incomes Tax Reform group (LITRG).
Students who work in temporary jobs during holidays are more likely to overpay tax, due to the concentration of work into certain months of the year. This means that students who earn more than their monthly personal allowance of £987 in some months will be taxed through PAYE, despite earning less than the annual personal allowance of £11,850 over the entire tax year.
Victoria Todd of LITRG recommends students keep all of their paperwork so that they can work out and understand their tax position at the end of the tax year, although they should put in a request for a tax refund now rather than wait until the end of the year. It pays to stay organised, as you only have four years from the end of a tax year to request a refund. Online payslips and P45 forms should be printed out so that these records exist in paper form once employees leave their job and loose access to the online copy.
A guide for claiming a tax refund can be found
, and students can apply online using their Personal Tax Account. Students who have recently changed address should also ensure that they update their address using their Personal Tax Account.
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