July 26th, 2011

Students – don’t pay tax you don’t owe on income from summer jobs

To earn extra cash, many undergraduates take summer jobs. Large numbers are unaware that they don’t need to pay tax if their annual income is less than £7,475.

You will need to fill in a form P38 (S) which you can download from HMRC website. If you inadvertently find yourself paying tax, all is not lost, you can reclaim any tax paid by sending HMRC a P50, available online at www.hmrc.gov.uk/pdfs/p50.pdf.

Filed under

HMRC

by John Mansley FCA
Director

John manages a wide portfolio of owner managed businesses and oversees the smooth operation of the firm’s payroll department.

After obtaining his degree in mathematics from the University of Liverpool, John joined Jonathan Ford & Co in 2004 and qualified as a chartered accountant four years later. John likes to keep abreast of developments in tax and accounting and is responsible for the mentoring of junior staff.

Outside of work, John enjoys powerlifting and is a Liverpool FC season ticket holder.