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How to get a student tax refund
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Unless you're self-employed (in which case you do your own taxes), your employer controls your tax payments to HMRC. Tax is deducted from your pay each month as PAYE (pay-as-you-earn) – you'll be able to see this from your payslips.
Sometimes HMRC might send you a P800 tax calculation if they think your circumstances have changed and that you might be paying the wrong amount of tax. If they calculate that you're a due a tax refund, they'll either explain how to claim the refund online or send you a cheque.
However, there are no guarantees that HMRC will send you a P800 calculation and you might not want to sit and wait around for it to (maybe) arrive. As complicated as it may seem, it's best to be proactive and do the calculations yourself.
There are a few different scenarios in which you might need to claim tax back – here's how each works:
You've paid too much tax on your pay from your current job
If you're still working but have noticed you're paying too much tax, this is probably due to being on the wrong tax code. Check online what tax code you're supposed to be on.
If you're on the wrong tax code, simply contact HMRC and tell them. If you're due a refund, your employer will give you this refund in your next pay.
Otherwise, at the end of the tax year, your employer will automatically send you a P60 form which shows you how much tax you've paid on your salary in that tax year. This is an easy and convenient way to work out whether you're owed a refund or not.You've paid too much tax on your pay from a previous job
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When you leave a job, your employer will give you a P45 form which tells you how much tax you've paid on your salary for that tax year (they have to supply you with one by law). You can use this form to work out if you've paid too much tax – use the tax calculator to figure it out.
Once you're sure you have overpaid, you might be able to claim online as long as you have your employer's PAYE reference number (this will be listed on your P45) and the details of the taxable income you received in that tax year.
Otherwise, simply call up HMRC and explain why you think you overpaid, making sure you have your National Insurance Number, details of your income and your P45 to hand. They will explain the next steps to you.You've paid too much tax on your savings interest
It's worth knowing that if you have any cash stowed away in a savings account, the interest you earn on this may also be taxed (this doesn't apply to ISAs as they're tax free).
While most students won't earn or save enough to be affected, banks will often deduct 20% from your interest automatically so be aware of this! Find out whether you're likely to be affected in our guide to student savings accounts.
Use the tax calculator to see if you should be (or should have been) paying tax on your savings account.
Are you aware of these basic tax facts every student needs to know? Time to swot up – it could save you waiting for a refund.
Student tax refunds – are you owed money?
Not sure how much tax you should be paying and think you could be owed a refund? Our step-by-step guide tells you how to work it out and how to get that all-important tax refund. ======================================================================================================= Tax is...
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