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Posted Mon, 11 Dec 2023 16:48:43 GMT by Isaac Palmer
Hi there, I've never done a self-assessment before and am really confused about National Insurance and student debt. I am both employed full time on PAYE, earning around £31K, and have done freelance work over the tax year for an additional £3,600. When I fill out my self-assessment the figure I owe comes to around £1,200. However it looks like this is just Income Tax? Please can anyone advise whether this includes national insurance, or whether I will owe any national insurance? It would be really helpful to understand how much this will be so I can budget for it. Will the the NI bill come separately to the self-assessment, or does the calculation it has projected for me cover everything? Some things talk about a 'Small profits margin', which my freelance work is beneath, but other things talk about my combined income? I'm essentially quite confused about being both employed and self-employed. I also have all the same questions regarding student debt. Thanks so much in advance to anyone who can help.
Posted Tue, 12 Dec 2023 20:44:24 GMT by
I am also confused about student loan repayments when employed and self employed. It seems like the student loan repayments are extremely excessive on my self assessment. My revenue for self assessment was £2,000 and profits were only £500 but my student loan repayments on this were £1,500 despite me paying back my student loan every month through my employment. It’s a huge deterrent to being self employed.
Posted Wed, 13 Dec 2023 09:17:06 GMT by Isaac Palmer
Blimey, that's crazy, that's got to be wrong right!? Did you definitely input repayments you've already made through PAYE, which can be found on your P60?
Posted Tue, 19 Dec 2023 10:25:44 GMT by HMRC Admin 5
Hi Pollyflower,

The figure of £1500 wont be just for student loan based on additional income of £500. There may be other reasons you have a large bill and you will therefore need to contact us on 0300 200 3310 to clarify.

Thank you

Posted Wed, 20 Dec 2023 08:55:30 GMT by HMRC Admin 25
Hi isaacpalmer1992,
The comment on the bottom of the calculation is a generic one to cover all ranges of liability.
As your main income is from  PAYE, any NI is covered by this and you won't have extra to pay based on the level of your self employment income. Student Loan charges only applies if you have one of these that you still need to pay back.
Thank you. 

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