Who Said Homework Was Taxing?

10 August 2015

HM Revenue and Customs has launched a new resource to help teachers educate their students on the facts of tax.

The new teachers’ pack, ‘Tax Facts’ is designed to provide students with an introduction to the complexities of the tax system. It is aimed at 14 to 17 year olds studying certain areas, such as citizenship, business enterprise, personal finance and other aspects that prepare them for life after school.

The pack includes plenty of lesson plans and guides, along with four short animated videos to help inform students about some key tax issues they will face during their working lives. They are presented in an informal light hearted way and designed to complement the material in the lesson plans.

  • ‘About HMRC’ – a background to what HMRC does and the very basics of the tax system.
  • ‘Starting Your First Job’ – what to expect when you first enter the world of work, such as tax deductions and National Insurance contributions.
  • ‘Working For Yourself’ – what to do if you’re planning to become self-employed.
  • ‘The Hidden Economy’ – What HMRC is doing to stop people trying to avoid paying their tax.

Sue Walton, of HMRC said: “These videos are an excellent way to start engaging with future taxpayers and help young people prepare for the financial realities of life. HMRC wants to help students understand how tax works, so that they know what to expect when they start earning. By explaining to them how tax is used and the link with vital public services, young people will learn to appreciate the importance of paying tax.”

The videos can be viewed here.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Image courtesy of stockimages at FreeDigitalPhotos.net

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