STUDENT TAX REFUNDS


Are You Owed Money? By Jake Butler in Jobs & Careers, Make Money, Student Budgeting


Probably! Many students who have undertaken some kind of paid work whilst studying are unaware that they are eligible for a student tax refund.


This guide will take a quick look at how much you could be eligible to claim back and how to go about doing so. For example, did you know that you can claim back overpaid tax from as early as 2007 in the year 2013!


Check if you are due a tax refund using our new student tax refund calculator!


Do Students Pay Tax?


Yes, students do pay tax. And here’s an alarming statistic for you: £75 million of overpaid tax by students is being held by the British government!


You could be one of the hundreds of students in the UK that has around £650 left unclaimed. Just imagine what you could buy with that!


Why Students Commonly Overpay Tax


This is why it happens… students that go on a placement year or work part-time during university often do so over two tax years.


Since most students do not end up earning over the tax-free personal allowance within a single tax year (April – April), and coupled with the


fact that employer’s often put them on the wrong or ‘emergency’ tax code, students tend to pay more tax than they should be without even knowing it.


The Average Amount of Tax Students Overpay


If you were lucky enough to be on paid placement, then as a student your tax overpayments amount to, on average, £650. Even if you were on a minimal salary, there is a good chance you paid too much tax.


You can also claim back tax if you have had a part-time job whilst at university, and it is more likely than not that you would have been paying too much income tax.


What is the Personal Tax-free Allowance?


By law anyone can earn anything up to £8,105 (2013 figure) in a tax year and you do not have to pay tax on it.


It is estimated that 90% of students who were in some form of employment whilst at university do not realise that they are able to


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