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Money Matters – from the Advice and Counselling Service

Friday 3 May 2013

This month’s Money Matters from the Advice and Counselling Service gives you some top tips on reapplying for student finance 2013/14 and whether you may be owed a tax refund.

Are you owed a tax refund?

If you are working and you earned below £8105 in the last tax year (6 April 2012 to 5 April 2013), you can usually claim back any tax you paid.

If you are employed, your employer should deduct tax from your earnings through PAYE (Pay As You Earn).  At the end of the tax year you should receive a P60, which is a statement of your earnings and the tax you have paid in the whole tax year. £8105 is your ‘personal allowance', which is the amount of earnings in a year on which you do not have to pay income tax.

To claim back tax for the 2012/13 tax year, tell your Tax Office why you think you've paid too much tax. They may already have everything they need to check your claim. If not, they'll tell you what documents to send. See http://bit.ly/2WcGMa

To find your tax office, go to http://bit.ly/deKC5B

You can also reclaim overpaid tax for some previous years – see http://bit.ly/icrnIl for the time limits.

For more information about Income Tax, go to http://bit.ly/i9FHY2

 

Reapply on time for Student Finance 2013/14

The application process is now open for continuing students to apply for Student Finance for the next academic year. You are advised to apply by 30th to receive your money at the start of the academic year. If you apply after this deadline your money might be delayed.

You can apply online: https://www.gov.uk/apply-online-for-student-finance

If you applied as an EEA Worker, you will need to complete a paper PR1 form, which you can download: https://www.gov.uk/student-finance-forms

Independent students
If you are under 25 and you applied to be assessed for Student Finance as an independent student, you will not normally have to resubmit evidence of your independent status after the first year. However, if you are estranged from your parent(s) or guardian(s) you will need to write a letter each time you reapply for Student Finance, to confirm that the estrangement is continuing. A Welfare Adviser in the Advice and Counselling Service can advise you how to do this.

How to get more help
You will find a wide range of guidance on our website, written specifically for Queen Mary students: www.welfare.qmul.ac.uk

If you would like a confidential appointment with a Welfare Adviser to talk about your individual situation, you can either turn up to a drop in session - every afternoon from Monday to Friday during term time (arrive between 1.30 and 3.20 pm, first come first served), or contact the Advice and Counselling Service to book an appointment by:

  • emailing us on our website www.welfare.qmul.ac.uk
  • calling us on 020 7882 8717
  • visiting our Reception on the ground floor of the Geography building, Mile End

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