Just imagine what you could buy with that! There are a few reasons why students often end up paying more income tax than they need to — and without even knowing it.

Moving abroad: Pensions, tax and savings | This is Money

This also applies to any income you make working abroad for the summer. As you're a UK resident working temporarily abroad, you pay your tax to the UK tax man rather than the country you're working in. At the end of the tax year, the HMRC will automatically send you a P tax calculationand reimburse you with any tax you've overpaid. Therefore, in this case you don't need to do anything!

It's worth knowing that if you have any cash stowed away in a savings accountthe interest you earn on this will also count towards your personal allowance this doesn't apply to ISAs — they're tax free.

Fill this out and send it — along with parts 2 and 3 of your P45 — to HMRC keep part 1 as a personal copy. If you're still working but have noticed you're paying too much tax — probably due to being on the wrong tax code — simply contact HMRC and tell them.

They'll advise you from there. Time to swat up — it could save you waiting for a refund! Save the Student provides free, impartial advice to exchange rate usd cad forecast on how to make their money go further.

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Where to sell your old books online. All content on this website is based on individual experience and journalistic research. It does not constitute financial advice. Save the Student and its other options equity release are not liable for how tips are used, nor for uk tax earning money abroad and services on external websites.

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