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Tax Return and Student Loan
TerryHu
Posts: 3 Newbie
Hi I was wondering if you could help me.
Last tax year I earned £19000 as a teacher and £8000 through my Ltd company in in dividends.
I have two student loans one taken out 1992 and one in 2006.
Anyway last year I didnt get any money deducted from my salary as a teacher for student loan repayments. To be honest I didnt even think about it at the time. When it came to do my self assesment my accountant thought I may be liable for £12000 at 9% for student loan repayments. I phoned student loans for advice and they said because my employer had missed it and my dividends were below £15000 I now had nothing to pay. After looking on line today I think this may be the wrong advice and Im trying to sort this out before Jan 31st. Also this year because I did a PGCE I have opted to put on hold the 2007 student loan repayment and pay the 1992 one first which I do by the direct debit. I would have done the same last year if I had realised as the monthly payments are alot lower £26. Now Im worried Im liable for over a £1000 on 31st Jan.
Thanks in advance
Last tax year I earned £19000 as a teacher and £8000 through my Ltd company in in dividends.
I have two student loans one taken out 1992 and one in 2006.
Anyway last year I didnt get any money deducted from my salary as a teacher for student loan repayments. To be honest I didnt even think about it at the time. When it came to do my self assesment my accountant thought I may be liable for £12000 at 9% for student loan repayments. I phoned student loans for advice and they said because my employer had missed it and my dividends were below £15000 I now had nothing to pay. After looking on line today I think this may be the wrong advice and Im trying to sort this out before Jan 31st. Also this year because I did a PGCE I have opted to put on hold the 2007 student loan repayment and pay the 1992 one first which I do by the direct debit. I would have done the same last year if I had realised as the monthly payments are alot lower £26. Now Im worried Im liable for over a £1000 on 31st Jan.
Thanks in advance
0
Comments
-
Write to Student Loans - explain the situation - ask what is required re repayments.
Keep a copy and send the letter recorded delivery.
Follow up by phone if you have not had a reply by the end of November.0
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