In good news...

[annwfyn]

I have a temp job!

OK, so it's only for a week, but I've not worked so far this year and so I should be able to take it all home. Lovely lovely money!

*does her happy dance*

Comments

[puddingcat.livejournal.com]

Congratulations! What are you doing?

Why does being a student mean you take it all home? Even babies have to pay tax if they have enough (e.g. interest) income.

[jamespond.livejournal.com]

It doesn't. You don't pay tax on educational stripends but you do on everything else. You do have a tax allowance which is about 4 grand a year or so if memory serves me right and may cover the parttime job

[annwfyn.livejournal.com]

I vaguely remember getting some tax breaks on being a student, and as I've haven't worked so far this year I'm fairly sure I won't pay anything - I've earned about £100 so far for a day's temp work.

[wildrogue.livejournal.com]

As it was explained to me - Students pay tax except in the holidays (don't ask me). It's still the holidays so you're fine. You'll have to pay it after that but should you stay under the minimum limit you'll get a rebate (ha ha ha).

[jamespond.livejournal.com]

The 2005/2006 allowance is £4,895 you pay 22% on every bean above that until you pay 40%. There is no escape from the tax man.

[ksirafai.livejournal.com]

Just to make things a little more cheerful, you also get a 10% tax bracket from 4895 to 6765, then 22% on everything up to 36145 and 40% thereafter.

...I did have to look that up for the exact figures, but knew it generally. :)

[sea-of-flame.livejournal.com]

Sign a P46 and tick the option that declares that you're a full-time student & not expecting to go over your personal allowance.

If you're only working in vacations, not going over the personal allowance isn't difficult....

...But with a lot of HR departments/agencies, IME, it does involve being proactive and asking for one of these forms - otherwise you'll just be taxed at emergency rate because of not being able to provide a P45 due to not working in the current tax year...