What you need to know about tax
Unfortunately tax is a fact of life and can seem to be a boring subject. Yet if register as a peer tutor to use the Peerz Academy platform you need to register as self-employed with Her Majesty’s Revenue and Customs (HMRC). HMRC have created a simple guide to help students so this should make the process as painless as possible. https://www.gov.uk/student-jobs-paying-tax.
Fact 1: Registering with HMRC
We advise students to register within a period of three months of starting to tutor through the Peerz Academy. If you leave it longer, you may have to pay a penalty so it is better to be safe by registering.
Fact 2: Information that you need to provide
It is really important to keep records of all your earnings as a peer tutor and any other income which you may earn, this even includes savings. As soon as you start, set up a simple spread sheet to record all your associated financial transactions.
Fact 3: When to complete tax returns
The end of each tax year is the 5th of April, HMRC will send you a tax return for you to complete and it is important that you declare all your earnings for that tax year. If you keep an up to date spreadsheet this will make this a lot easier. You can complete this online through the HMRC website, once you have created an account.
Fact 4: Your personal tax allowance
Your personal tax allowance is set annually, for the current year 2017/2018 this is £11,500. If you earn less than this then you have no tax to pay, however you are still required to complete your annual tax return.
Fact 5: Important information
Peerz Academy provides the platform and the resources to allow you to become a peer tutor and you are considered as self-employed. Therefore it is your responsibility to complete your tax returns. If you have any questions, it is best to contact HMRC or consult their website.