HM REVENUE & CUSTOMS:
Date: 2 December 2008 Ref: SE 34/08
A YEAR OF CINEMA TICKETS COURTESY OF THE TAX 'MAN'
New research for HM Revenue & Customs (HMRC) reveals that 69% of students try to stick to a budget while at university, but over a third of these admit that their good intentions eventually fail.
Students often make up the shortfall by other means. Over half have a part time job and many students may not be aware that they could be entitled to a tax refund from HMRC. The average is around £100, which is enough to buy cinema tickets every week for over a year, or some new music, paying for up to 120 downloads.
Our research also found that once essentials such as fees, accommodation and food are paid for, students spend on average £82.20 per week on items such as clothes, gig tickets or gym membership. Their biggest single expenditure is alcohol, on which students will spend an average of £15.60 a week.
Experienced students know the importance of careful money management, and have shared their top five money-saving tips for Freshers here:
Always carry your student card so you can take advantage of student discounts such as 10% - 15% off certain purchases;
Shop around for a student bank account which gives you the best perks e.g. a student rail card - saving up to £65;
Don't think of your bank overdraft as free money;
Set a realistic budget at the beginning of each week, and stick to it;
Don't rely on a credit card.
Jane Frost, Director of HMRC Individuals Customer Directorate said: "We know that every penny counts when it comes to student income. We would therefore encourage students to make sure they check the facts about tax, especially if they're working, to make sure they don't miss out on a vital tax refund."
Students can check if they're entitled to a tax refund by using HM Revenue & Customs' tax refund calculator at:
http://apps.facebook.com/uktaxrefundcalc/.
For more advice or the answers to their tax questions students should visit
www.direct.gov/studenttaxadvice.
Although I have topped her up a bit to keep her going.