Being a teacher is, in my opinion, one of the most important jobs in the world. Teachers help to shape the future and they have a large amount of responsibility in helping future generations to realise their full potential. This is true of teachers of all age groups, as a teacher at a Primary school may help a child’s development and teach them how to act around others, and then a university lecturer will teach their students the importance of asking questions and making tough decisions in the field that they have chosen. These are just two small examples of the enormous wealth of knowledge that teachers will pass on to their pupils.
Of course, teachers pay taxes like everybody else, and also like everyone else they don’t want to pay more on their taxes than they have to. If you have overpaid on your taxes through your PAYE system, you can get a tax refund. Here are some ways for teachers to reduce their tax bite.
The unique reasons that a teacher can claim a tax rebate include having to buy specialist clothing for their role (PE teachers being an example), using their car for work, using an area at home for work and also for professional fees such as the Association of Teachers and Lecturers (ATL). There are also some other reasons that you can claim a teacher tax rebate, and to find out more and get the ball rolling you should get in touch with a tax rebate agent who will be able to answer your questions and get the ball rolling.
It is important to note that you will have to make a claim to get the money back as usually it will not simply be refunded to you, and on top of this you should look into making your claim now as claims can only be made for the previous four tax years. Failure to make a claim early could lead you to losing a large sum of money.
Working in such an important line of work that has such an impact on the future generation means that teachers should be getting every single penny that they earn and not pay more taxes than they have to but unfortunately this is not always the case. A staggering 5.5 million people in the UK paid the wrong tax amount in 2012/2013. Hopefully the information here will enable you to discover if you are owed any money.
See Also:
- Choosing an Online College
- College Savings Accounts
- Teaching Your Kids Money Management Skills
- Money Potholes on the Marriage Road
Image courtesy of Michal Marcol / FreeDigitalPhotos.net