6 June 2008 - 1:19Student Tax Advice: Buying A House

As students have enough to worry about, we are making a regular series of blog posts to help with common student tax issues.

 Student Tax Advice: Buying a House

The biggest expenses (After alcohol!!) when a child leaves their parents house at the tender age of 18 to goto university is the cost of accommodation, which often amounts to thousands of pounds.  With houses prices recently taking a large decline,  coupled with increased costs of tuition, is resulting in many parents buying a property for their child.

No Student Tax Exemption

If a parent buys the house for their child, a number of possible tax implications arise. If the child rents out any spare rooms to friends or other students, they could unwittingly be earning income which they are being taxed on. Often estate agents deduct rent at source when they are managing a property. As students tend to have no other sources of income a tax refund could be due.

Tax Rebate Calculator

One way to check to see if you are due a tax refund is to go to your local tax office to calculate the refund due. This can be a time consuming process. Another option would be to input any rental income received into a tax rebate calculator  and to see the results.

Students are becoming increasingly forced into debt, student tax is a burden that should not have to be faced.