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Tax Students: Tax essentials

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Make sure you have everything you need when you’re on the go. Find out the essentials now when you read it here at Tax Students. The tax essentials that you need to know are the following:

* To be eligible for the RSP, you must be a student and have earned income.

* You must have paid your tax and NIC (National Insurance) at least once in the last two years.

* If you are a part-time student, you are only eligible for the RSP if you have been registered as a student for at least two of the last three years.

* You must have completed at least two years of full-time study.

* You must be over 18.

* You cannot be receiving unemployment benefit or any other benefit from the government.

* You cannot be receiving a pension.

* You cannot be receiving the sickness or invalidity benefit.

* You cannot be receiving any other benefit from the government.

* You must have earned income.

* You cannot be receiving benefits under the Child Benefit, Child Tax Credit or Child Tax Credit for a child under 16.

* You cannot be receiving benefits under the Jobseeker’s Allowance, the Employment and Support Allowance, the Incapacity Benefit, the Income Support or the Income Support for a Child.

* You cannot be receiving benefits under the Disability Living Allowance or the Attendance Allowance.

Have your tax return for the year in hand before you start

Get a bank account so that you can keep your tax return money safe

Have a file of all your receipts

Make sure you keep track of your expenses

Be organised when you’re at work and when you’re at home

Have your documents ready when you go to the bank

Have your receipts ready when you get home

Have a cheque book ready when you get home

Have your tax return in hand before you start

You should have your tax return in hand before you start because you don’t want to have to wait until the end of the year to get your money. When you get your tax return, you’ll need to take it to the bank so that you can get your money.

Keep your tax return money safe

When you get your tax return, you’ll need to keep it safe because you don’t want to lose it. You’ll need to keep your tax return safe in a safe place.

Get a bank account

You’ll need to have a bank account so that you can keep your tax return money safe.

You need to keep your receipts for at least 3 years, in case you have to pay back any of the expenses.

You should keep your receipts until the end of the year.

You need to keep a copy of your tax return and receipts for at least 3 years.

You need to keep your credit card statements for at least 3 years.

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