If you need urgent support, call 999 or go to your nearest A&E. To contact our Crisis Messenger (open 24/7) text THEMIX to 85258.
Read the community guidelines before posting ✨
Student bank accounts and tax
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Since when where student accounts taxable? I was under the impression it was only savings accounts that were. I've had a student account since July 2009, wasn't taxed last year and have been taxed this year.
0
Comments
Students aren't automatically exempt from tax.
If you go into the bank they should be able to give you a form to fill in which will stop tax being taken.
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/IncomeTax/Taxrefundsreclaimingtax/DG_078335
How about how to add up money?
Count to ten?
Write a cheque?
Use a cash machine?
Explain how interest works in general?
No, I thought not. It's not up to a bank to explain how taxation works to their customers. If you've found a nannying type bank then great, use that one, but you've got no grounds for complaint. You're only complaint would be that they didn't treat you like you were completely dim when it comes to tax. Helping you arrange your tax affairs generally isn't part of the service provided with a standard current account application. If you want that, you need to see a financial advisor.
Toddle down to the bank, tell them you've been taxed and you don't think that you should be paying tax. They'll give you the form, you fill it in, return it, and you won't get taxed on that account any more. You'll need to do a separate form for each account you have. When you start paying tax, you'll have to tell the bank that that's the case.
For reference, for the rest of your life, pretty much all income is assumed taxable until proved otherwise. And it's up to YOU to prove otherwise. Not someone else or some other organisation to do it for you.
The bank should also be able to tell you who to get in touch with to reclaim the tax. Given the time of year, it's probably from last tax year, so you'll probably have to do it through the tax office. Please note, YOU will have to do this for yourself. In the real world there's no child minder to do it for you.
Tax is a bit annoying to be honest; but we all have to pay it at some point in our lives. But as Scary Monster says it is up to us to prove that we are exempt from tax (where applicable) especially as banks do not usually have our best interets at heart (!). It's great though that you ask for help as you gain information by asking questions.
As Artic Roll has given you the link already, I won't post it again. But fill out the form for all your bank accounts and give it to the bank.
If have any further questions, post again.