Do I tell Student Loans the money I receive yearly from family business?
Options
dinkk
Posts: 3 Newbie
Once a year I receive a lump sum of money from a family business. I'm obviously not employed by my family so do I have to tell Student Loans that I receive this money? I'm still under the threshold for repaying them any money even with this lump sum but when I forgot to update them on my current employment a few months ago they threatened to fine me (rude).
0
Comments
-
is the lump sum dividends????
If it doesn't appear on your tax return, they can't touch you. However Tax Evasion on the other hand only you will know where you stand.
Forgetting to update your employment is your responsibility, you have a debt to pay and you can't forget to pay it.
If it was your bank, you already would have had late charges and fees already. The taxpayer is already subsidising your student loan, don't be morally challenged and worm your way out of it.
Do the right thing, pay taxes and debt like everyone else"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
If the money is a gift from a family member’s bank account I wouldn’t regard it as income personally.0
-
is the lump sum dividends????
If it doesn't appear on your tax return, they can't touch you. However Tax Evasion on the other hand only you will know where you stand.
Forgetting to update your employment is your responsibility, you have a debt to pay and you can't forget to pay it.
If it was your bank, you already would have had late charges and fees already. The taxpayer is already subsidising your student loan, don't be morally challenged and worm your way out of it.
Do the right thing, pay taxes and debt like everyone else
Seeing as I'm below the threshold to repay, I'm not trying to 'worm my way' out of anything so there's no need for you to make rude assumptions. Previously, they sent a form to ask my status and I wrongly assumed that's how they wanted confirmation but seeing as they get their info from HMRC anyway it's not like I wouldn't repay them. They're just trying to find a way to get more money from me so I don't appreciate you trying to give me a lecture that I really didn't need or ask for, thanks.0 -
Seeing as I'm below the threshold to repay, I'm not trying to 'worm my way' out of anything so there's no need for you to make rude assumptions. Previously, they sent a form to ask my status and I wrongly assumed that's how they wanted confirmation but seeing as they get their info from HMRC anyway it's not like I wouldn't repay them. They're just trying to find a way to get more some money from me so I don't appreciate you trying to give me a lecture that I really didn't need or ask for, thanks.
Why didnt you just contact them in the first instance?
you have no problem paying them so it either counts or doesnt.
no harm informing them either way,it there?0 -
Because to be perfectly honest, my first thought when I got a job wasn't 'I must inform student finance I have this temporary job'.. I was more anxious and concerned with doing a good job. It just honestly didn't even cross my mind. I wasn't trying to evade or withhold any information.Why didnt you just contact them in the first instance?
you have no problem paying them so it either counts or doesnt.
no harm informing them either way,it there?0 -
Because to be perfectly honest, my first thought when I got a job wasn't 'I must inform student finance I have this temporary job'.. I was more anxious and concerned with doing a good job. It just honestly didn't even cross my mind. I wasn't trying to evade or withhold any information.
Ignorance is not an excuse, you pay your dues and that will what it will be in a court of law. You knew you had a job and you knew you had student loan.
In any case Your choice the way you want to live, forget about debt at your peril as they will pursue you and getting a CCJ will not be something you want on your mind or credit report, that is the harsh reality, not rose tinted"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Hi dink,
Sorry I don’t know the answer to your question but I’d phone and ask them. They are (despite your recent experience) really helpful and not looking to take money they shouldn’t.
In fact I tend to find it very hard to get them to take money.0 -
If the payment is treated as an expense in the business accounts then it is income or dividend and should be reported to HMRC and student loan company
If it is a gift from someone's share of the profit which has already been treated as their income and taxed
accordingly then it is not income.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards