Like all individuals working in the UK, students also have to pay tax and National Insurance Contributions (NICs).
But they can claim tax back in two circumstances:
- UK Students: If you do not plan to work in another job till coming 5th April, you can claim tax back by completing form P50
- Overseas Students: If you are leaving UK you can claim tax back by completing form P85
- Under the age of 16 : Their National insurance code is X , as National Insurance contributions are not payable for under 16 year olds.
Further resources:
HMRC has made an informative You tube video.
CIOT has prepared a very good notes with detailed information,
please visit CIOT website.
Nottinghill Accountants 