Paying my loan back...I shouldnt be!!

pbright

Hello,

Last year on the emergency tax code i was o, i did not pay my loan back, and rightly so as i did not earn over £15,000 a year(more like ten). This (tax)year however im on a new and correct code, and i am paying my loan back at £15.00 a week, however i am still earning about £10,000 a year...its just the way im getting paid! Last week i made £400 for example, however in August ill make nothing. In total this year ill earn i reckon £10,000 again, however ill probably pay a few £000 back on my loan which would make a real difference to me as half the weeks in the year ill earn £300-400 and thw rest ill earn £100 or less.....is their anyway to explain this so i dont get my loan taken off, or is this just the joys of casual hours that i must endure?????

Thanks

pbright

?? Anyone know ??

morg_monster

From the direct.gov website:

If your income varies over the year through PAYE
If you get paid the same each week or month, you will make your repayments in equal instalments. If the amount you earn changes during the year, the amount you repay will be based on each individual PAYE period.

For example, you might earn £1,500 in January and repay £22. If were paid £1,600 in the following month, your repayment for February would be £31. In both cases the repayment equates to 9% of the amount you earned over the monthly threshold of £1,250.

If your total earnings for a particular tax year are not more than £15,000, you can apply for a refund of any PAYE repayments you made during that tax year. If your total earnings are more than £15,000, you won’t qualify for a refund – even if your PAYE income has varied.


So sounds like there isn't anything you can do about it now but as long as you don't earn over £15000 in the whole year you can get a refund of all the repayments you made after the tax year ends.
Probably not exactly what you wanted to hear...

pbright

I am talking about my student loan, not my tax...i knew i could get that. But how can i stop them taking ££ away from me every weektowards my Student loan when i know that over the year ill be making far less than £15,000....its just unfourtunate that i am making the bulk of my money now...its the way my job is!!. I dont want to loose £20 a week wheen my income over the year deems i should not be paying it!!

Ytaya

The previous response was about your student loan payments, not tax. Perhaps you could verify this yourself by going to the Student Loans website and looking up the repayment information?