Being a Musician on A working Holiday in the UK
One of the major benefits to being a skilled musician is the fact that your skill will enable you to find a means for financial support anywhere in the world. A destination which many travellers (let alone musicians) dream about is the UK, but for musicians particularly, there is an incredible benefit to using your trade as work. This benefit is PAYE Tax Refunds, but what is it and most importantly, why is it so great?
Its stands for (Pay as you earn). Basically after every pay packet you will have to be deducted in tax, however, at the end of the working tax year, every pence of tax you have paid whilst earning under the tax threshold is refundable. Meaning at the end of the year, you will be able to fill your wallets up with the money which is rightfully yours.
Why is this so great?
Well, this is fantastic news because whilst you are earning money with your trade, although you will be paying tax, you will also be saving by default. The glory of this is that it doesn’t feel anything like saving in the slightest. We accept tax and then we budget our costs with what we are left with, so when tax is taken from your pay packet, it is not something that keeps you up at night, it has already been accepted. But with PAYE Tax Refunds, you actually have a piggy bank which is collecting pennies throughout the year.
The best news of all!
This unknown savings account can fund you to travel to your next destination, where you can continue to perform to a different culture and discover new horizons. Who would have thought that tax can help you achieve this?
The tax experts at Taxback.co.uk can help you take full advantage of this. Don’t miss out on the pennies which are yours!