Do You Have a Student Loan?
Do you have a student loan, if so are you repaying this, and do you know that this to be declared on your tax return?
Repaying Student Loan
There are different ways to repay this it can be either:
- Through your tax return
- Through your payroll (deducted monthly from your salary
- Part of your remuneration package with your employer
If you have a tax return to complete you have to declare this on your return. If you do not, then the tax office will look into your tax return. You will pay this to the tax office and they will then pass this onto the student loan company.
I had a recent case when I prepared a tax return and HM Revenue & Customs computer system cross checked the information held on their system with the tax return and it highlighted that the student loan was missing from the tax return, so an enquiry began into the tax return.
In this case the employer as going to make deductions from his salary to clear this, but it never happened so the balance was left as it was.
We offer investigation insurance so should the event of receiving a letter from HM Revenue & Customs investigating your tax return the cost of getting this sorted is all paid for. For more information on this please get in touch.