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Retrospectively asked to pay student loan
smithfield11
Posts: 6 Forumite
in Loans
I went self employed two years ago and I run a ltd company (just me, no employees). My self assessment was submitted by my accountant for 2012/13 and all tax etc. was paid. Ive just had a letter from hmrc saying they're doing a compliance check into my self assessment for that year and I need to retrospectively pay over £2000 in student loan for that year.
I realised at the start of the year 2013/14 that I should be paying student loan so I started putting money aside however there was no hint or summons in the previous yea(it didn't cross mine or my accountants mind that I might need to) and I was trying to get the business off the ground. I had started building it into cash file for this financial year but back paying that sort of money would be a huge hit and threaten the future of the company(which was getting to the point where I could look to employ someone).
I realised at the start of the year 2013/14 that I should be paying student loan so I started putting money aside however there was no hint or summons in the previous yea(it didn't cross mine or my accountants mind that I might need to) and I was trying to get the business off the ground. I had started building it into cash file for this financial year but back paying that sort of money would be a huge hit and threaten the future of the company(which was getting to the point where I could look to employ someone).
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Ask them if they will give you longer to pay.0
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