Self assessment - what is : "plus Student Loan repayments"

daninmanchester

Ok, so I know this is last minute, but usually my SA is routine and goes through.

However in the breakdown it is showing :

Income Tax charged
plus Student Loan repayments

What is plus Student Loan repayments? This is taken out at source by my employer. So what is this line telling me? I'm paying tax on it now?

suso

its a generic phrase.

In the calculation does it show a separate amount for Student Loan Payments. If it doesn't then what your employer has deducted is the correct amount, if it shows a separate amount then do you have additional income to your employment income.

daninmanchester

A generic phrase for what? Tax? Loan repayments?

I entered the value off my P60 for student loan repayment.
I have no additional income.

dori2o

How much have you paid in student loan repayments via your employer?

How much is your GROSS income from your P60?

daninmanchester

gross is 42568 after pension deductions
Loan repayment : 2272

Mikeyorks

Then there should be approx £209 extra on the Student Loan calculation on SA?

£42568 less £15000 threshold x 9% = £2481 due. Less paid £2272 = £209.

daninmanchester

There is indeed.
But what is that? a repayment or tax? and why?
Has my employer made a mistake?
If I wasn't registered as self employed would they have missed it?

Mikeyorks

daninmanchester wrote: »

If I wasn't registered as self employed would they have missed it?

You've said earlier 'P60 ..... and no other income'. So how are you self employed? Self assessment and self employed aren't the same thing ..... several million purely PAYE people are in SA. I've assumed you were one of them?

But what is that? a repayment or tax? and why?
Has my employer made a mistake?

It's an underpayment of SLC. Probably nothing to do with your employer. If you pay SLC under PAYE and then cut it across to SA it does sometimes create anomalies. Normally where more than 1 job.

Is your salary consistent - or does it vary greatly (bonuses / commission)? As 2 x months at £1250 or less is all I can think of that would give rise to this.

daninmanchester

Yes I'm registered as self employed as well but had no income in that tax year.
I will register a loss to set off against next years income when these projects finally pay out.

I wish I had the problem of bonuses, commission, etc.
My salary is consistent monthly and only varies when I put non taxable expenses through which I claim through the employer and therefore don't show on SA.

From what you've said it seems right. I was just somewhat surprised given my circumstances to have extra show on my SA.
Under employed circumstances would this just reflect in my tax code?

Mikeyorks

Can't explain the SLC discrepancy then - I'm afraid.

As you've filed after 30th Dec any underpayment will need to be paid by 31st Jan - it can't be coded out.

daninmanchester

Yeah, I appreciate that which is a bit of a pain having worked on the assumption my employer might have got it right. Having said that they do have the most appalling administration I have ever come across to the point where I attended as a patient they mixed my records with someone else and sent me for an x-ray meant for someone else. Gotta love the NHS!