Low Incomes Tax Reform Group: Charity launches free tax guide for students
On Monday February 10th the Low Incomes Tax Reform Group (LITRG) is launching its new Tax Guide for Students website which offers guidance to help those in further and higher education navigate their tax affairs.
The Tax Guide for Students website (www.taxguideforstudents.org.uk) is sponsored by the Chartered Institute of Taxation (CIOT), funded by a grant from HM Revenue & Customs (HMRC) and operated in partnership with the National Association of Student Money Advisers. Its launch coincides with National Student Money Week, an event which seeks to raise the financial awareness of students. The website covers a range of financial issues which are likely to affect a student, including: part-time employment; student loan repayments; tax refunds; tax credits and benefits; volunteering and training; and studying abroad. The guide also provides information about a future career in tax – a challenging but rewarding profession.
LITRG Chairman Anthony Thomas commented, saying:
“Students often worry that they might be paying too much tax or are unsure whether they are getting all the benefits they are entitled to. Our brand new Tax Guide for Students covers all the tax topics that those in further and higher education need to keep them aware of their obligations and on the right side of the taxman.
“Many students work part-time, whether during term time, in vacations or both. This means that some students with an income will be subject to tax. Apprentices will also be earning while they are on their course. As a rule, if you work and study it is important that you understand what income you can earn before starting to pay tax and National Insurance contributions, what your payslip shows and means and, if you have overpaid tax, how you go about to obtain a refund.
“It is sometimes the case that students working during study are paying more tax than they should be, or alternatively, not paying enough and therefore may become liable for a penalty charge. Our guide has been created to help alleviate the tax troubles of students and save them money.
”Students are also being encouraged to consider going into the tax profession. Anthony Thomas said:
“There are very few industries that move as fast as tax. Tax affects everyone and is part of government, business and everyday life so that every time the law changes or a new budget is published, tax professionals need to expand their knowledge and adapt. Experienced tax professionals are always highly sought after. A career in tax might not be the most obvious decision for an undergraduate or school leaver but it has an enormous amount to offer, including variety, intellectual stimulation and plenty of responsibility. Also, with the introduction of the Higher Apprenticeship in Professional Services, which includes a tax stream, it is now much easier for school leavers to get in to the tax profession than ever before.”
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