We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Student Loan self assessment question
Robbus2744
Posts: 2 Newbie
in Cutting tax
So I have 2 separate jobs where I am an employee. Both pay me monthly and each separate monthly pay is slightly under the threshold that triggers student loan (plan 1) repayments.
However I also do a small amount (But enough to have to declare) of self employed work each year, meaning I have to file a self assessment tax return.
According to the student finance policy, if you file a tax return, they make you repay student loan on the TOTAL amount that all your combined incomes amount to, as opposed to just looking at monthly income from each employer separately.
This seems odd as it deters me from doing self employed work, as I'd be in a worse off position filing a tax return than not filing one.
Has anyone else experienced this?
Thanks
However I also do a small amount (But enough to have to declare) of self employed work each year, meaning I have to file a self assessment tax return.
According to the student finance policy, if you file a tax return, they make you repay student loan on the TOTAL amount that all your combined incomes amount to, as opposed to just looking at monthly income from each employer separately.
This seems odd as it deters me from doing self employed work, as I'd be in a worse off position filing a tax return than not filing one.
Has anyone else experienced this?
Thanks
0
Comments
-
That does seem to be the case. In fact it may mean that you have to count both your employment jobs. See:
https://www.gov.uk/repaying-your-student-loan/what-you-pay
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.1K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards