Are Students suffering from a Summer Tax Hangover?

Aug. 19, 2009 - PRLog -- The warning comes as hundreds of thousands of students prepare to spend their first term at university and others go back after the holidays, many of them having worked during that time.  Independent website, STS say there are ways in which graduates and undergraduates, unaware of the how the system works, can keep more of their hard-earned cash in their pockets rather than hand it over to the Treasury.

The lack of support from the government, the introduction of top-up fees, and the potential for lifting the cap on fees make it increasingly more difficult for young people to fund their way through University.  Additional pressure comes from the economy; parents may be unable to offer the level of support required due to their own financial concerns.
STS have helped students receive tax rebates from the last 6 years, often upwards of £1000.  Receiving a significant lump sum at any time during the academic year is sure to salve the financial woes that are synonymous with higher education.
Student Tax Services (STS) are a unique organisation offering this free tax advice exclusively to students to encourage them to take control of their tax affairs.  Expert tax advice can be expensive; so many students neglect this aspect of their finances.  This can mean that tax is overpaid, and students are often unaware.  

Unies Mirza, chartered certified accountant and tax specialist who helped develop the website says: “The tax system should be easy to navigate, but unfortunately is not,
In our experience tax offices differ greatly in their efficiency and manner in which they deal with student tax matters. In many instances we have spent more time obtaining a tax refund for a student than for a seasoned taxpayer.
“No wonder students are put off the refund process, to the advantage of Her Majesty’s Revenue and Customs.”
STS has developed its online service using a team of qualified tax advisers working alongside students to cut through the red tape surrounding tax legislation and provide information in a simple, easy to understand way.
The service has been promoted in universities and has been well received by student welfare officers and student unions.  Louise Dunne from London South Bank University says “Student Tax Services recently delivered a drop in session at LSBU and provided free tax information to our students. The service that STS offer is invaluable, it is tailored to students and the advisers help to make a complicated subject, clear and less daunting for students.  It resulted in some students being able to claim a tax rebate.”
In addition to the  free service, STS are also entering all new registrants on their website, www.studenttaxservices.org.uk  into a free prize draw to win £150 worth of Amazon vouchers (closing date 31st October 09), this will certainly ease the burden of those start of year expenses.

Calvin Pinnegar

Public Relations Officer
Pi Accountants
020 8349 8189

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Student Tax Services are a unique organisation offering free tax advice exclusively to students. Many students neglect this aspect of their finances due to expense. This means that tax is overpaid, and students are often unaware. We aim to change that.