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Student finance calculation - nonsense or true ?
Finally after two years !! of back and forth and complaining to the CEO my wife and I finally have the income they used to calculate my daughters student finance. They seem to have got my income correct but my wife's income I just dont understand
They say she earned £14k as a part-time sales manager which is correct but they then go onto say as she has a K tax code she is receiving benefits in kind. We have explained to them numerous times she does have a company car and sent a P60 but they are saying based on their calculation she is earning an extra Taxable benefit in kind of £13,440.00 ir her earnings are £29k which is total nonsense. She does receive a small amount of private fuel but how does having a company car mean our daughter ends up with less than a third of what she could get
If I'm wrong thats fine but does someone there know if this is correct
cheers
They say she earned £14k as a part-time sales manager which is correct but they then go onto say as she has a K tax code she is receiving benefits in kind. We have explained to them numerous times she does have a company car and sent a P60 but they are saying based on their calculation she is earning an extra Taxable benefit in kind of £13,440.00 ir her earnings are £29k which is total nonsense. She does receive a small amount of private fuel but how does having a company car mean our daughter ends up with less than a third of what she could get
If I'm wrong thats fine but does someone there know if this is correct
cheers
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Comments
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gforum91 said:Finally after two years !! of back and forth and complaining to the CEO my wife and I finally have the income they used to calculate my daughters student finance. They seem to have got my income correct but my wife's income I just dont understand
They say she earned £14k as a part-time sales manager which is correct but they then go onto say as she has a K tax code she is receiving benefits in kind. We have explained to them numerous times she does have a company car and sent a P60 but they are saying based on their calculation she is earning an extra Taxable benefit in kind of £13,440.00 ir her earnings are £29k which is total nonsense. She does receive a small amount of private fuel but how does having a company car mean our daughter ends up with less than a third of what she could get
If I'm wrong thats fine but does someone there know if this is correct
cheers0 -
What does her tax code notification show as the reason for the K code? Does she get a P11D? You need to declare taxable BIKs like company cars, fuel cards etc. The private fuel BIK I think is a flat amount, so even if she doesn't use much the tax could be quite high.Sometimes BIKs are "payrolled" and included in the P60, but that looks unlikey to be the case if she has a K code as the tax code isn't affected if BIKs are payrolled. So check the P11D, which the notes for studentfinance forms say you have to declare. If she doesn't get one, ask the employer.0
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Probably the tax code has been reduced , so she pays the correct tax for the benefit in kinds. Your tax code has to be reduced £10K so you actually pay £2K extra in tax ( as an example for a basic rate taxpayer)
As Zagfles says a P11D will give the actual figure of the value of the benefits.0 -
gforum91 said:Finally after two years !! of back and forth and complaining to the CEO my wife and I finally have the income they used to calculate my daughters student finance. They seem to have got my income correct but my wife's income I just dont understand
They say she earned £14k as a part-time sales manager which is correct but they then go onto say as she has a K tax code she is receiving benefits in kind. We have explained to them numerous times she does have a company car and sent a P60 but they are saying based on their calculation she is earning an extra Taxable benefit in kind of £13,440.00 ir her earnings are £29k which is total nonsense. She does receive a small amount of private fuel but how does having a company car mean our daughter ends up with less than a third of what she could get
If I'm wrong thats fine but does someone there know if this is correct
cheers0 -
kaMelo said:gforum91 said:Finally after two years !! of back and forth and complaining to the CEO my wife and I finally have the income they used to calculate my daughters student finance. They seem to have got my income correct but my wife's income I just dont understand
They say she earned £14k as a part-time sales manager which is correct but they then go onto say as she has a K tax code she is receiving benefits in kind. We have explained to them numerous times she does have a company car and sent a P60 but they are saying based on their calculation she is earning an extra Taxable benefit in kind of £13,440.00 ir her earnings are £29k which is total nonsense. She does receive a small amount of private fuel but how does having a company car mean our daughter ends up with less than a third of what she could get
If I'm wrong thats fine but does someone there know if this is correct
cheersThat's the "living with parents" max, it's £9706 away from home (£12667 in London).The other thing is bursaries are usually based on the same income as used by SFE and often have cliff edge thresholds. Some can be quite substantial.
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Feeling suitably embarrassed, you are of course correct.
Using the correct figures of £9,706 maximum and £4,524 minimum it's still not possible for the maintenance loan to only be a third of what it would otherwise be with an extra £14,000 or so included in the household income calculation.0
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