Finsol Tax Advisors is the ideal and leading Accountancy Firms in London who provide various kind of accounting service and professional Accountants.
Paying tax: If you’re a student and you have a job, you’ll have to pay Income Tax and National Insurance if you earn over a certain amount. This still applies if you work abroad during your holidays, and if you’re a foreign student working in the UK.
Tax forms when you leave a job: When you leave a PAYE job, your employer will give you a Form P45. You’ll need to keep this safe and give it to your next employer – to make sure you don’t pay too much tax in the future.
Special rules if you only work in the holidays
If you’re a full-time student with a holiday job, you may not need to pay tax through PAYE (you will still pay National Insurance if you earn more than the weekly threshold). You can ask your employer for a form P38(S) (or access it below) if all the following apply:
- you’re a full-time student in the UK, only working in the holidays
- you’re returning to full-time education after the holiday
- your total income for the year is below the personal allowance
If you have a part-time job during term time, you can’t use form P38(S) just for your holiday job. Your employer will take care of the paperwork to make sure you don’t pay too much tax.
If you have any questions or would like to know more information about our accountants and their services, don’t hesitate to contact us.