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► Tax and National Insurance
Income Tax
http://www.hmrc.gov.uk/home.htm
A tax year runs from 6 April to 5 April of the following calendar year.
Everyone is entitled to a Personal Allowance on which no tax is paid i.e. you only pay income tax on any income above the Personal Allowance.
The Personal Allowances (your tax free amounts) are shown below:
6 April 2009 to 5 April 2010: Year - £6,475 Month - £539.58
Once you earn more than your personal allowance you pay tax at 20%
6 April 2010 to 5 April 2011: Year £6,745 Month £539.58
(no change from 09-10)
Once you earn more than your personal allowance you pay tax at 20%
When you start your paid placement:
For most placements, you will be treated as an employee. You should check this with your Personnel/Human Resources department.
If you have a P45:
A P45 is given by an employer to an employee when the employee leaves during the tax year i.e. you have left a job since the previous April. This form will allow your placement employer to put you on your correct tax code from the start of your placement so you pay the correct amount of income tax.
If you don't have a P45:
Your employer will give you a P46 form to fill in. You will then be put on an emergency tax code and pay the basic rate of 22% of your income as tax. The Inland Revue will send you a P91 form to determine your employment history and give you a proper tax code. The employer will then tax you at the correct rate and any excess tax paid will be refunded.
During your paid placement:
After the April of your placement, you will be given a P60 form stating your wages over the previous tax year and the income tax you paid. Keep this form safe.
After your paid placement:
When you leave your placement you will be given a P45 form stating your wages and tax paid so far in the tax year. If you get a summer job then you will to give this form to your new employer.
If you have an unpaid placement:
If you are not being paid during your placement then you will not pay income tax. However, if you have a part-time job or jobs then you are liable for tax on any income above your Personal Allowance.
National Insurance Contributions
For most placements, you will be treated as an employee. You should check this with your Personnel/Human Resources department.
If you have a P45:
A P45 is given by an employer to an employee when the employee leaves during the tax year i.e. you have left a job since the previous April. This form will allow your placement employer to put you on your correct tax code from the start of your placement so you pay the correct amount of income tax.
If you don't have a P45:
Your employer will give you a P46 form to fill in. You will then be put on an emergency tax code and pay the basic rate of 22% of your income as tax. The Inland Revue will send you a P91 form to determine your employment history and give you a proper tax code. The employer will then tax you at the correct rate and any excess tax paid will be refunded.
During your paid placement:
After the April of your placement, you will be given a P60 form stating your wages over the previous tax year and the income tax you paid. Keep this form safe.
After your paid placement:
When you leave your placement you will be given a P45 form stating your wages and tax paid so far in the tax year. If you get a summer job then you will to give this form to your new employer.
If you have an unpaid placement:
If you are not being paid during your placement then you will not pay income tax. However, if you have a part-time job or jobs then you are liable for tax on any income above your Personal Allowance.
National Insurance Contributions
http://www.hmrc.gov.uk/home.htm
You will pay Class 1 contributions of 11% of your gross earnings once you earn over a set amount each week
You will pay Class 1 contributions of 11% of your gross earnings once you earn over a set amount each week
6 April 2009 to 5 April 2010
£110 per week
£110 per week
6 April 2010 to 5 April 2011
£110 per week (no change from 09-10)
On your paid placement:
You will pay National Insurance Contributions throughout your employment. Your P45 form will state how much you and your employer have contributed. You can not claim back contributions if you have paid too much.
On your unpaid placement:
As you are not employed then you will not make any contributions.
On your paid placement:
You will pay National Insurance Contributions throughout your employment. Your P45 form will state how much you and your employer have contributed. You can not claim back contributions if you have paid too much.
On your unpaid placement:
As you are not employed then you will not make any contributions.
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