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Tax return for students

Shocking £75m has been overpaid in tax by students!

Everyone, including international students, must pay Income Tax and National Insurance if they earn over a certain amount of money per year. In this article we will talk about the Income Tax. In the 2014/2015 tax year a tax-free personal allowance is fixed at £10 000.

Most of the time working students are overpaying tax as only few students earn over their personal allowance, yet they are put on a basic emergency tax-code by their employers.

If you think you might have overpaid tax, we advise you to use a ‘tax checker’ to find out if you are eligible for any refunds here.

Information you will be required in order to use a tax checker:

  1. The total earnings before tax was deducted;
  2. The total tax you paid on your earnings;
  3. The amount of interest you received from bank and building society savings after tax was deducted;
  4. The total tax paid on interest from bank and building society savings;
  5. The total amount of Gift Aid donations you made.

Details of your earnings can be found on payslips or forms P45 and P60.

How to use the tax checker correctly:

  • Make sure you enter amounts in whole pounds;
  • In case you have more than one job, you will be required to use ‘Calculate for more than one job’ button;
  • In case you have more than one bank/building society account, you must enter the total amount of interest you have received.

Students should keep in mind that they will receive a tax refund only if it has been claimed on time. In the UK all individuals can claim a refund on overpaid tax for 4 years after the end of the tax year. For example:

Tax year

Tax year ended on

You must claim a tax refund by

2013-2014

5 April 2014

5 April 2018

 In case someone is using a tax checker to calculate the tax refund amount for the current tax year, the estimation will be made on the basis that you will have no further income for the tax year.

The link to the tax checker: http://stccalculator.hmrc.gov.uk/