Teaching the facts of tax

HMRC has launched a new resource for teachers to help their students learn the facts of tax

Posted by Stephanie Broad | July 20, 2015 | Law, finance, HR

• #hmrc
• #tax
• #teacher-resources
• #independent-schools
• #academies

Tax Facts is a comprehensive teachers’ pack, designed to provide an introduction to the tax system for 14–17 year olds studying citizenship, business enterprise, personal finance and other aspects of the curriculum that prepare them for life beyond school.

As well as detailed lesson plans and guidance, HM Revenue and Customs (HMRC) has produced four short, animated videos to inform students about some of the key tax issues they will face as they begin their working lives.

The videos present key information in an informal, light-hearted way and complement material in the lesson plans. The four videos are:

• ‘About HMRC’ – a background to HMRC’s work and the basics of the tax system
• ‘Starting Your First Job’ – what to expect when you 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’ – how people try to get out of paying their taxes and what HMRC is doing to tackle this

Sue Walton, Director of Tax Professionalism and Assurance, 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.”

Ashley Tomlin, Deputy Head of Thomas Tallis School, Kidbrooke said: “Tax Facts is a useful resource for teachers, helping promote financial awareness to young people and bringing alive the idea of raising and spending public money. It is a flexible resource that can be customised to fit different teaching styles, the amount of time available and the curriculum."

Watch the videos at: http://bit.ly/1MpfJiM