Self-assessment student loan question

Keensaver

Hi,

Completing my first self-assessment form for the year 08/09. Please be patient!

I have become aware recently that I have overpaid my student loan, and I am awaiting a refund from the end of the 08/09 tax year to the current date.

I have a permanent post and a part-time job (hence the slef-assessment)

I have stated the total payment of Student Loan (for 08/09) through my main employer on the self assessment form, however when I get to the final calculations page it creates a further student loan repayment figure in the income tax section??but I believe I have paid it all off.

I am confused, and do not want to pay further student loan costs when I do not need to...

Help please!

Thanks v.much

warmsnow

I am having the same problem. The self assessment seems to be trying to add the student loan repayment my company has taken off me to my tax bill

Any help would be much appreciated as this makes no sense to me

dori2o

Keensaver wrote: »

Hi,

Completing my first self-assessment form for the year 08/09. Please be patient!

I have become aware recently that I have overpaid my student loan, and I am awaiting a refund from the end of the 08/09 tax year to the current date.

I have a permanent post and a part-time job (hence the slef-assessment)

I have stated the total payment of Student Loan (for 08/09) through my main employer on the self assessment form, however when I get to the final calculations page it creates a further student loan repayment figure in the income tax section??but I believe I have paid it all off.

I am confused, and do not want to pay further student loan costs when I do not need to...

Help please!

Thanks v.much

The problem with the SA system is that if you have an income contingent loan to pay off, the calculation will calculate how much student loan you should pay in that year, the system does not know how much you have left to pay off. Therefore it will always calculate the student loan payment you should have made during the year based on the calculation Total Income - £15k (income disregard) x 9%.It then takes away what you have already paid and calculates any outstanding payment due.

AFAIK, you would be responsible for making the payment as detailed on the SA calculation and then reclaiming anything overpaid via the SLC. This is however an uncommon query and you wouold be best contacting the tax office or SLC for advice.

warmsnow wrote: »

I am having the same problem. The self assessment seems to be trying to add the student loan repayment my company has taken off me to my tax bill

Any help would be much appreciated as this makes no sense to me

Have you shown the amount of student loan repayment made via your salsry on the tax return at box 2 on page TR2?

If not then please ensure you have shown this amount.

Rolo_Tomasi

Warmsnow - There is a box on the SA Return (page 2 box 2 from memory) where you input the amount of student loan that your employer has deducted from you. Have you completed this box?

Keensaver - It does seem to be one of the anomalies with the system where if you do not have an SA Return to complete then no student loan repayments are due on your part-time job if the earnings are less than £15k. However if you do complete an SA Return then the student loan repayment is calculated on your combined earnings. Sorry but I do not know of a way around this.