Incorrect student loan repayments on P60

RhysH

Hi all, just had my p60 and student loan repayments showing £386 I presume this is for the year? However i pay about 140 a month. Do you know why this would happen? Or anyone had experience of this?

Mikektfc

I'd come on here to question the exact same thing! My P60 says I paid £1320 but my payslips say £1665, my employer told me at 1800 over email and had left by the time I called back to question them.

Email said it was something to do with the company code changing in June 2012 and that £345 was paid before the change and £1320 after but the P60 only picks up the second amount. Due to the time it takes for the SLC to update their records i'd like to make sure that this is right. Can anyone explain what this code change is and what it means?

Thanks
Mike

agrinnall

You might do better to post on the Cutting Tax board where the experts hang out, but I would say it's a legal requirement for the P60 to show accurate figures, and both of your employers could be in trouble with HMRC if they find out (and even more so if they report incorrect figures on their P35 Employer Annual Return).

Dazed_and_confused

Mikektfc wrote: »

I'd come on here to question the exact same thing! My P60 says I paid £1320 but my payslips say £1665, my employer told me at 1800 over email and had left by the time I called back to question them.

Email said it was something to do with the company code changing in June 2012 and that £345 was paid before the change and £1320 after but the P60 only picks up the second amount. Due to the time it takes for the SLC to update their records i'd like to make sure that this is right. Can anyone explain what this code change is and what it means?

Thanks
Mike

What do you mean by the company code changing? Did your tax code with the company change or did you change employer in some way, say were working for Fred's Plumbing Supplies until June then Fred's Plumbing Supplies Ltd after June 2012?

Helix

Dazed_and_confused wrote: »

What do you mean by the company code changing? Did your tax code with the company change or did you change employer in some way, say were working for Fred's Plumbing Supplies until June then Fred's Plumbing Supplies Ltd after June 2012?

It could be the number that is used as an identifier for an employee between HMRC and the employer.

Where I work had a problem recently where everyone got issued with 2 tax codes (one at Basic Rate) because they previously outsourced payroll and the company they used to outsource prepended a code onto the identifier, then they brought payroll in house and wasn't aware that a code had been added on to the identifier so didn't continue to send this. As no P45 had been issued for the old identifier HMRC just thought everyone had been employed twice and therefore had 2 jobs.

Poolie

Wait till you get your student loan statements and if the repayment amounts are not correct then get in touch with SLC. They will want copies of all your payslips if the amount is incorrect. SLC will then work with HMRC to confirm the correct amounts. If they ask for your P60, do not supply it if the amount is incorrect.

Your P60 should be the total summary for all tax, NI and student loans so should not be incorrect compared to your payslips added up. The numbers on the P60 should be the same as the P35 so your employer could be in trouble with HMRC

agrinnall

agrinnall wrote: »

You might do better to post on the Cutting Tax board where the experts hang out, but I would say it's a legal requirement for the P60 to show accurate figures, and both of your employers could be in trouble with HMRC if they find out (and even more so if they report incorrect figures on their P35 Employer Annual Return).

Poolie wrote: »

Your P60 should be the total summary for all tax, NI and student loans so should not be incorrect compared to your payslips added up. The numbers on the P60 should be the same as the P35 so your employer could be in trouble with HMRC

Is there an echo (echo, echo......) in here?

Just to add to Poolie's explanation, which is of course correct, there are circumstances where you can legitimately see a difference between added up payslips and the P60; for instance, the taxable pay figure on the P60 may not add up to the gross pay totals from payslips if there are elements of pay that are not liable for tax. However, I think the totals of tax, NI and student loan repayment should always be the same.

stevanjessica

Poolie wrote: »

Wait till you get your student loan statements and if the repayment amounts are not correct then get in touch with SLC. They will want copies of all your payslips if the amount is incorrect. SLC will then work with HMRC to confirm the correct amounts. If they ask for your P60, do not supply it if the amount is incorrect.

Your P60 should be the total summary for all tax, NI and student loans so should not be incorrect compared to your payslips added up. The numbers on the P60 should be the same as the P35 so your employer could be in trouble with HMRC

Thanks for telling the system of P60, how it works and which trouble a employer can do..

kingmonkey

How much where you expecting to have paid over the year?

Perhaps you started employment in January?