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Posted Wed, 19 Jan 2022 08:58:11 GMT by Jon
Hi, completed my self assessment last night and had a shock at the amount owed. I'm not sure if it's an error (possibly on my part!) and what my options are. Heres the overview. My day job /PAYE salary was over 53k. My Self employed profits was around £120. I was expecting tax on the SE profit plus a partial child benefit return. All of which I have put aside (circa £600). However my tax bill is £3,300 I think it's the student loan, but.... I had a plan 1 student loan that I finally paid off May 2020. However my tax bill says "plus student loan repayments (plan 01) of £2,670" To be paid 31st Jan. Has anyone had similar? Why do I owe tax on a loan I've paid off and cost me around £390 that year to finish the loan. Who is best to discuss this with and ascertain whether it's an error? I have some money put aside for the other stuff, but this is nearly 3k more than i expected, so panicking slightly. Thanks
Posted Wed, 19 Jan 2022 15:35:33 GMT by HMRC Admin 17

Hi,
 
If the return will let you choose the option for not having a student loan, you can mention in the notes
that you have already paid it off.

Thank you.
Posted Wed, 19 Jan 2022 16:59:13 GMT by Jon
Thanks for the reply. I spoke to one of your colleagues today who was really helpful. They said, I can say 'no' to the question: Our records show that you have a loan.... But technically that isn't providing the correct info. So instead to submit the return with the extra, then call back and the student loan team will remove that part. I'm happy doing what you said though and would be quicker, I just don't want to be liable in any way for providing a wrong answer.

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