Tax Rebates & Refunds

Redressing the balance when study confuses the tax system

February 9, 2014
Posted in Income Tax — Written by Jennifer

Returning to being a student when you have already experienced the world of work isn’t easy because you get used to a certain lifestyle – a certain lifestyle that depends on a ready cash flow. However, it’s often rewarding to go back to college or university at a later date because you have a more complete idea of what you’d like to study, as well as renewed energy for academic life.

Of course, when you leave full time work and enter full time study, your tax payments for the year become muddled. Since the amount of tax you pay for a twelve month period is worked out over those twelve months, HMRC has to catch up and there is certainly a possibility that you will end up being charged more tax than is fair considering the change in your circumstances.

This is tax that you can get back in the form of a tax rebate, so don’t despair if you notice you are left out of pocket. The money is yours, you just have to ask for it. In some cases, HRMC will notice before you do, but should they not, don’t shy away from contacting them and getting a tax refund for what you are owed.

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment