Do Students Pay Tax on Income?
Posted on 4th May 2021 at 13:15
If you’re a student, you have to pay tax on your income whether it’s through employment or self-employment.
The good news is that everyone has a Personal Allowance, which for the tax year 2021/22 is £12,570. This means that you pay zero tax on the first £12,570 you earn, although you do still need to submit a self-assessment tax return if you’re self-employed (if you’re employed, your employer will sort this for you).
If you don’t have a job but make money selling a few items online, such as through Etsy or eBay, you have a trading allowance of £1,000 per tax year. In other words, if you occasionally sell things like clothes or gifts you make yourself and they come to under £1,000 a year, you don’t have to do anything. If you exceed the limit, you need to register as self-employed and file a tax return.
We’re here to manage your tax
Need help with your tax? Call our Yorkshire office on 01482 235575, our London office on 0207 885 0605, or fill in the contact form below.
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