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im 19 and in college 16 hours, do i pay tax?

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original nuttah
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Joined: 24 Jul 2010
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PostPosted: 20:21 - 29 Oct 2010    Post subject: im 19 and in college 16 hours, do i pay tax? Reply with quote

Hi all, im in college 16hr per week and starting work soon, dose any one know if i can claim the tax back or whever i have to pay tax in the first place, i hate all this tax and vat bollox dose my head in!
can any body help?
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Paxovasa
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PostPosted: 20:23 - 29 Oct 2010    Post subject: Reply with quote

They work it out on how much you get paid.
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Alabama Blacksnake
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PostPosted: 20:28 - 29 Oct 2010    Post subject: Reply with quote

Your work place will work it out for you. If you do need to claim tax back you payed. You do it at the end of the finacial year april 30th i think you can get the forms here www.taxrefunds.co.uk. It talks you through the process Thumbs Up
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ms51ves3
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PostPosted: 20:33 - 29 Oct 2010    Post subject: Reply with quote

Depends on how much you are earning.
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Alabama Blacksnake
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PostPosted: 20:39 - 29 Oct 2010    Post subject: Reply with quote

iirc you can earn under £6500 before tax but will pay N.I if you earn over £110 a week.
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Bikes i have:dtr125 field bike that doesnt not seem to die!!! 1992 gsxr 750 Very Happy
trevoriv said: Leathers are like teenage girls, the tighter the better.
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Flip
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PostPosted: 20:40 - 29 Oct 2010    Post subject: Reply with quote

Even if you are taxed it'll be so little you won't notice anyway. Don't worry about it.
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yambabe
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PostPosted: 21:19 - 29 Oct 2010    Post subject: Reply with quote

Lots of "nearly" answers as usual.......

If you earn more than £125 per week you will pay tax on anything over that £125. Kicker is right that you start paying NIC when you earn over £110 per week.

Being in college doesn't really have anything to do with it, if you are a student working only during the holidays you can sign a declaration so you get paid free of tax until you have earned £6475 (after which you pay 20% on everything) but HMRC are trying to phase this out and most employers don't use it any more.
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ms51ves3
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PostPosted: 23:02 - 29 Oct 2010    Post subject: Reply with quote

yambabe wrote:
...(after which you pay 20% on everything)...


20% is such a sugar coated figure. It's over 32% if you include NI Mad
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GhostRider
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PostPosted: 23:21 - 29 Oct 2010    Post subject: Reply with quote

Have they raised it to £110 over the past few years? I used to earn £80-90 a week and they used to tax me, I remember phoning up the tax office and saying WTF but they basically said tough shit.


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yambabe
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PostPosted: 23:50 - 29 Oct 2010    Post subject: Reply with quote

GhostRider wrote:
Have they raised it to £110 over the past few years? I used to earn £80-90 a week and they used to tax me, I remember phoning up the tax office and saying WTF but they basically said tough shit.


GhostRider


Tax is 20% on everything over £6475 per year which is approx £125 per week (unless you earn enough to put you in the higer rate bracket, around £37k this year).

NI is 11% on everything over £110 per week. It's not cumulative like tax unless you are a company director (or self-employed but that's not relevant here).
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GhostRider
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PostPosted: 08:10 - 30 Oct 2010    Post subject: Reply with quote

So they were ripping me off then? No surprises there, luckily they weren't privy to my 'business' on the side which earned me a pretty penny through uni and paid for a couple of holidays, so hooray for me.

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Frost
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PostPosted: 09:36 - 30 Oct 2010    Post subject: Reply with quote

You have a tax code, something like 645L, ass a 0 to the number bit and you will get how much you can earn before you start to pay tax, with that code £6450. You will then pay 20% tax on everything over that you earn. If you earn more than £110 a week you will pay 11% national insurance. The tax you pay is usually calculated pro-rata meaning they treat you like you've been earning what you are all year and will continue to do so. So you won;t be tax free till you've earned £6450, but will start paying it after the first month or so. If at the end of the year you've earned less than £6450 you can apply for a rebate.
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