Student loan payments from self assessamnet

Geography_rox

Hi,

I am full time employed but did a but of extra self employed work last year, and filled in my self assessment and paid the taxes in April. My understanding is they dont actually collect those taxes till the end of January, but I was wondering at what point the student loan contribution will come off my balance? I am hoping to settle my loan in the next couple of months, but dont fancy the hassle if chasing the £300 or so that will come from my self assessment payments. Will it show up soon?

DrEskimo

It will form part of your self-assessment bill due in January of the following year. So if you settle the student loan in the next couple of months, you shouldn't have to worry about it showing up when you complete you self-assessment tax return.

Geography_rox

Thanks for the response, but I paid the bill due at the end of Jan 2021 already, just wondering at what point that payment will be deducted from my outstanding balance? I didn’t do any self employed work this tax year so won’t be filling out another self assessment in April

DrEskimo

Oh I see, apologies.

Based on my previous statements my self-assessment contributions were recorded on my statements on the same day that the self-assessment deadline for payment, so 31 Jan. 

Geography_rox

Perfect, thank you!