Banking, Tax & National Insurance
Opening a UK Bank Account
Opening a new bank account in the UK may take some time so it is important to bring enough money with you to cover the first few weeks, in case of any delay. It is advisable to bring cash or use a prepaid card.
You will need to take your passport and the letter of acceptance from the University with you, together with proof of your addresses at home and in the UK, and a reference and statements from your home bank when you go to open your account.
Standard banking hours are Monday to Friday from 9:00-9:30 until 15:30 or 16:00. Many bank branches are open on Saturdays (9:00-9:30 until 12:30 or 15:30).
The UK Tax System
The UK charges tax on income arising in the UK whether or not you are resident in the UK.
Pay As You Earn (PAYE) is a scheme for collection of income tax due from the earnings of an individual, where tax is deducted by the employer before a salary is paid to the individual. If and how much income tax you will have to pay will depend on how much you are earning. For more information please go to the Government website.
For further information please contact our payroll department firstname.lastname@example.org.
National Insurance Number (NI Number)
In the UK, national insurance is a compulsory deduction from your pay that funds the state provided pension, health benefits and other government benefits. The amount you pay depends on how much you earn.
The contributions are collected through the PAYE system and automatically deducted from your earnings. Every employee in the UK must have a NI Number as it acts like your own personal account number. Your NI Number makes sure that your national insurance and income tax contributions are properly recorded.
You should apply for a NI Number as soon as you arrive in the UK and begin work at the University.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Credit scoring is not limited to banks; other organisations, such as mobile phone companies, insurance companies, landlords, and government departments employ the same techniques.
The Citizens Advice website provides information about credit scoring in UK.