Self-Employed & Full-time student - Taxable income

lct1709

Hi

Could anyone help me in regards to Student Maintenance Loans, University Bursaries, Special Support Grants and Parent Learning Allowance.

I just finalised my 2010-11 accounts and was speaking to my accountant in regards to the student income for when I complete my 2011-12 accounts and she believes I got to declare all income mentioned above are classed as unearnt income, but looking at some websites forums states the total opposite and that it is non-taxable.

Any help in this will be very much appreciated.

Your truly

Lee

MrsManda

Student loans/grants are not taxable and therefore I don't think you are supposed to include them as income on a tax return/self-assessment form.

Though if you are liable for student loan repayments this information goes on the form.

It may be worth contacting the HMRC just to check.

amiehall

Money from student finance is not taxable and (while is income than you haven't earned) it's not "unearned income" in the tax sense. I wouldn't be particularly happy with the accountant that gave me that advice....

lct1709

amiehall wrote: »

Money from student finance is not taxable and (while is income than you haven't earned) it's not "unearned income" in the tax sense. I wouldn't be particularly happy with the accountant that gave me that advice....

Thanks for your help I'll call the HMRC tomorrow when I'm off to have this clarified as for my accountant I'm not happy with this advice and i am not the only person happy with this accountant as a colleague got a 3k tax bill on grants they received last year. Think I may need to find an alternative accountant next year.

bluetimone97

Adult dependant grant is counted if you are eligible for it