Student loans overpayment & P60's

davebruno · 10 July 2018 at 8:52PM

Hi all,
Please let me know if this is supposed to be in the student section but I wasnt sure as its obviously a loan query.

So I'm strapped for cash and trying hard to pay off my higher interest debt as quick as possible (its been spiralling for a while). I want to get some money back from the SLC because I know for a fact that I overpaid on atleast 3 tax years possibly more like 5. a few years ago I worked a bunch of sales jobs that were largely commission based leading to months where I earned £800 followed by months where I earned £3000. One month I would pay £0 student loan and the next I would pay £100's, anyway when it got to the end of the tax year I have never really earned the minimum threashold (or very little over) for the student loans, so I suspect that almost everything in those years that I paid would be classed as an overpayment?

The only problem is I have only one P60 (which does show I overpaid), but there will have been multiple years, and I worked for multiple employers. Can the tax office give me the documentation needed to work out the amounts and will the SLC accept anything other than P60's?

Thanks for any help I could really use it!

Dave

davebruno · 10 July 2018 at 9:07PM

I was under the impression that if my SLC agreement is to not pay anything on the first 19k and I earn 18k and pay £500 student loans (regardless of the distribution of the pay) then I have overpaid?

Surely thats how an annual threshold would work?

daisy23169 · 10 July 2018 at 9:25PM

You are only entitled to a refund of overpaid contributions if your total earnings for the year are under the threshold. If your total earnings go over the threshold, then you can't claim a refund of any overpaid contributions in that year, even if your earnings were variable and you paid loads in one month and none in other months which brought your total student loan payments for the year higher than they would have been if they were just calculated on your total earnings for the year.

For the years that you earned under the threshold overall, you can contact SLC and request a refund - they should have your earnings and repayment details from HMRC so theoretically you shouldn't need to provide any additional evidence and but if you do, previous employers can issue duplicate P60s or a statement of earnings for the year.

davebruno · 10 July 2018 at 9:38PM

Would HMRC be willing to tell me my total earnings for each past tax year?

daisy23169 · 10 July 2018 at 9:44PM

No reason they shouldn't. Have you set up a personal tax account? If so I think you can see it online for the last couple of years. Or if you keep your payslips then your March payslips should show your total earnings for the year too.

To be honest I'd probably just phone SLC and ask them to check your earnings and repayments for the years you're interested in, as there's no point spending ages on the phone to HMRC and then ages on the phone to SLC if it turns out you were under the threshold for some of them - might as well just start straight off with SLC and you might be able to sort the whole thing with one phone call. Plus their hold music is infinitely better than HMRC's!!

davebruno · 10 July 2018 at 10:05PM

Thanks for the tips I'll give it a go tomorrow!

Student loans overpayment & P60's

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