CityBlog - Posts from July 2011

Those of you who are spending the summer holidays in employment are being reminded to ensure that you do not pay tax on your earnings.

The total amount of income you are allowed to earn per year tax free is £7,475. To ensure employers don’t deduct unnecessary tax, you need to fill in a ‘P38’ form which can be downloaded from the HMRC website.

If the tax has already been deducted, it can be claimed back by filling in a ‘P50’ form instead.

Stephen Banyard, Director General of Personal Tax at HMRC said:

“We don’t want students to pay tax when they don’t owe any, so we’re encouraging them to fill in a P38(S) and send it back to us. That way they can keep all the money they’re earning for student life’s essentials.”

The forms are quick and easy to fill out and only take a minute to put in the postbox. It is well worth completing one before you start earning to ensure the money in your bank is what you expected.

Without the correct employment status HMRC are likely to apply an ‘emergency tax code’ to your earnings which takes 22p of every £1 earned.

The CityBlock team are looking forward to welcoming our new residents to CityBlock 1 in Leicester on 16th July!

Why not join our Facebook page and meet your new flatmates before moving in:
 
http://www.facebook.com/pages/CityBlock/130707843656999

See you all soon!