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Do Student Loan refunds affect my Tax Return?
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Vixxster1
Posts: 1 Newbie
Hi,
I have been in touch with the SLC about getting any refunds I'm due and I was due about £800 back across 5 years where I had earned enough some months but not others.
I'm now wondering how this impacts my tax return. I have done a mixture of PAYE and self-employment so I need to fill in a Self-Assessment form. Is there anywhere to declare that I have had refunds on my Student Loan? Could this have any impact on my tax?
Thanks,
Vicki
If "tax doesn't have to be taxing" why is it?
I have been in touch with the SLC about getting any refunds I'm due and I was due about £800 back across 5 years where I had earned enough some months but not others.
I'm now wondering how this impacts my tax return. I have done a mixture of PAYE and self-employment so I need to fill in a Self-Assessment form. Is there anywhere to declare that I have had refunds on my Student Loan? Could this have any impact on my tax?
Thanks,
Vicki
If "tax doesn't have to be taxing" why is it?
0
Comments
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The rules on refunds are that you are only entitled if the total eligible earnings for the tax year are below the threshold. If you cross the threshold in a tax year, you are not entitled to refunds of repayments made in a single month where the monthly earnings puts you over the threshold.
It shouldn't have an impact on tax, as student loan deductions are made irrespective of the income tax you pay and don't effect the amount of tax.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Moving this thread to the student board @Vixxster1.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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