Tax Implications

There is another disadvantage about working, and one that will plague and frustrate you throughout life is tax. Any income above £5,035 PA (per annum) is subject to tax. The current rate is 10% on the first £2,150 above £5,035, 22% on earning between £7, 186 and £33,300 and 40% on anything above that level. There is also national insurance on top of that if you earn more than £97 in any week.

Yet on a positive note, if by the end of the tax year you did not earn in excess of £5,035 you can claim back your tax. It is a great feeling when you get that amount back in a lump sum, and this can actually be a good way to save!

Do try and limit your part time work during term, and aim to work during the holidays instead. At the end of the day, you’re at university to learn, and you don’t want to squander that for a few extra pennies.