Going to university and getting that first taste of independence is an exciting step for students. There’s a lot to consider and parents may of course wish to support their children financially, where possible. Here are three tax planning points of which you should be aware if your children are heading off to university.
1. Many believe that students are exempt from paying tax; this is not the case. However, every individual can earn up to the personal allowance, currently £11,500 per year, before tax needs to be deducted.Read this post