Student loan & work bonus

Miss165

Hi

Don't know if anyone can help me or not... (And not sure if it's relevant but I'm based in Scotland).

I earn £20k before tax. Normally Saas take around £20 every month towards my student loans.

This month I'm getting a very nice bonus, and Saas are taking £200+ of that.

Does anyone know if there's some way I can claim that back or do I just have to accept it?

Thanks

Ed-1

Miss165 wrote: »

Hi

Don't know if anyone can help me or not... (And not sure if it's relevant but I'm based in Scotland).

I earn £20k before tax. Normally Saas take around £20 every month towards my student loans.

This month I'm getting a very nice bonus, and Saas are taking £200+ of that.

Does anyone know if there's some way I can claim that back or do I just have to accept it?

Thanks

It depends if your income for the year is above the repayment threshold or not. The repayments due are 9% of what you earn above the pay-period threshold (i.e. normally monthly) with the sole exception that you can claim a refund if your annual income for the year is below the annual repayment threshold (currently £17,495).

Different rules apply if you fill in a tax return (additional repayments may be required).

callipygian

You have to pay that off your student loan, sorry! From what you've said you earn above the threshold and your bonus is about £2k?

A bonus is still money you have earned that tax year - it seems a brutal % because its all extra money so the repayment threshold which you can think of as being split out monthly will not be any bigger for your bonus pay.

The other thing about a bonus is that its all extra to your tax free allowance, so the percentage you get to keep is always depressing

If your bonus is 2K and you've been earning 20K for the whole tax year, then you would probably only get to keep about £1188 of your bonus (ignoring pension payments).

aloshidar

I am a newbie and need to get a job. If can please help me, thank you so much.

Stevie_Palimo

aloshidar wrote: »

I am a newbie and need to get a job. If can please help me, thank you so much.

Write a CV and go and hand it into places that are seeking to employ new staff.