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Students alerted over tax status; LEGAL & FINANCE.

Working over the long summer holidays is often a must for the 21st century student keen to earn a wage to ensure they keep their student debts low. But the Association of Chartered Certified Accountants is advising such students to ensure they are paying the right amount of tax to HM Revenue & Customs.

Chas Roy-Chowdhury, head of taxation at ACCA, said: "Working students need to ensure that they and their employers complete a form called a P38 - a student exemption form. Students and employers simply make a declaration on the form to confirm educational status. Filling out this simple form will ensure that students pay the right amount of tax."

The tax rules state that students earning under pounds 5,225 will not pay income tax. The student must be in full time education at the time of working and plan to be in full time education by the end of the next tax year.
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Aug 3, 2007
Words:155
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