UK Tax Tips For Students

UK Tax Tips For Students

Need UK Tax tips for students? For those planning working holidays in the UK, it would be advisable to know about the rules and regulations governing the area and Tax Refunds in the UK. Those who plan to earn should know how much they would need to live on and travel. There are ways to earn more if you only knew how:

Increasing Your Earnings

You can earn more by adding some UK industry experience to your resume. You can start working from the moment you arrive in the UK and gain experience.

  • You would gain an advantage by registering with an agency before leaving your country so you get a head start.  
  • Utilise an agency to find a contract role where the hourly earnings are higher. Permanent employment has advantages such as paid leave, training, car and private health care.
  • Research the UK job market and make sure there are enough opportunities in the sector you are considering.
  • Getting additional certifications or qualifications may improve your chances of employability and earning power.
  • Check for any specific skills which would come handy in enhancing your career prospects in the UK before arrival and try to brush up your skills in that department.
  • Prepare to be flexible on location by choosing less popular areas.
  • Think twice when it comes to accommodation. Property rentals are very expensive in the UK and may gobble your earnings.

Contract Rates, PAYE, and Tax Returns in UK

When discussing salary matters with recruiters or potential employers, make sure you know whether the advertised rates are contract rates or permanent salary. Some contractors may claim certain expenses to legally minimise tax, and earn higher hourly rates.

Comparative Earnings in UK

In most industries, earnings (in dollar terms) are comparable to those in the UK than in Australia, New Zealand and Canada. This is expected to grow when the UK economy improves. Although salaries may appear low due to the exchange rate, the standard of living in the UK is high. Pay rates in London are higher than in other cities and regions within the UK due to the higher cost of living. You can prepare by researching salary prospects for your choice of industry in the UK. Engineering, town planning, construction, teaching and education, nursing, doctors, legal jobs, accounting, banking and finance, and social work offer good opportunities with experience.   

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