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Sole trader wanting to pay off student loan - tax implications
runwalktalk
Posts: 1 Newbie
I am struggling to find the answer to this online - there seems to be mixed messages.
I have never earnt enough to pay off any of my student loan so I am unsure how this works. I was wondering whether if I paid off a lump sum would it reduce my taxable income? So say I earnt 40k before tax and paid 10k off on my student loan, would my income be seen as 30k and taxed on that?
Thanks
I have never earnt enough to pay off any of my student loan so I am unsure how this works. I was wondering whether if I paid off a lump sum would it reduce my taxable income? So say I earnt 40k before tax and paid 10k off on my student loan, would my income be seen as 30k and taxed on that?
Thanks
0
Comments
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Nope. Payments are post tax.0
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