Tax return - student loan

humancoin

Hi all


Just wondering if anyone would be able to help out with the following query. I've phoned HMRC and whilst the lady I spoke to was nice, she wasn't able to really help me.


I've been filling out my self assessment (first time doing it - I have to because I've joined a work partnership).


My query relates to the treatment of my student loan repayments. The calculation adds on £653 for student loan repayments, when I've paid £3,243 back on the student loan. Does anyone know why it has done this? I've copied below the bit from my calculation.


Is it because I have only paid the basic rate of tax on my loan and have to pay the 40% rate?


Many thanks for anyone who is able to help!


D






Income Tax charged £13,954.20 plusUnderpaid tax for earlier years in your tax code for 2013-14£48.72 plus Student Loan repayments£653.00 Income Tax due£14,655.92minus Tax deducted From all employments£14,093.00

CLAPTON

humancoin wrote: »

Hi all


Just wondering if anyone would be able to help out with the following query. I've phoned HMRC and whilst the lady I spoke to was nice, she wasn't able to really help me.


I've been filling out my self assessment (first time doing it - I have to because I've joined a work partnership).


My query relates to the treatment of my student loan repayments. The calculation adds on £653 for student loan repayments, when I've paid £3,243 back on the student loan. Does anyone know why it has done this? I've copied below the bit from my calculation.


Is it because I have only paid the basic rate of tax on my loan and have to pay the 40% rate?


Many thanks for anyone who is able to help!


D






Income Tax charged £13,954.20 plusUnderpaid tax for earlier years in your tax code for 2013-14£48.72 plus Student Loan repayments£653.00 Income Tax due£14,655.92minus Tax deducted From all employments£14,093.00

difficult to say how much you should pay towards student loan without knowing your income

Regshoe

Presuming you've correctly entered your Student Loan deductions in the box provided then the extra will be because some of your income has not previously had SL deductions taken from it (possible a profit share as you are now in a partnership?)

20% and 40% tax doesn't come into it, the SL deductions are based on 9% of your earnings over £16,365 in 2013-14 (threshold increases each year now). So if you've paid £3243 and they want another £653 that would equate to income of £59,654 ish, if that sounds about right then the calculation is correct.

humancoin

Hi both

Thanks for the replyies. Regshoe, you got my salary just about exactly correct.. So I think that is the answer.

Thanks
David