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Posted Mon, 19 Feb 2024 23:35:12 GMT by
My postgraduate diploma, and therefore my full-time employment, starts on the 11th of March 2024. The tax year for 2023/24 finishes on the 6th of April. My tax return for 2023/24 is going to be around £22,000, whereas full-time employment is going to be £25,140 per year. I also know that the student loan repayment starts from over £27,000 (plan 2). I have three questions regarding it: As the self-employed tax year 2023/24 overlaps with the start of my full-time employment (from the 11th of March until the 6th of April): Does it mean that I would get deductions from my full-time salary for that month (assuming that my full-time salary and my self-employment income in that period would be more than £27,295 for Plan 2 repayment)? Or would it mean that I would pay the student loan repayment through my self-employed business? Furthermore, if I worked full-time and also as self-employed, earning over £27k per year, how would I repay my student loan - via my full-time job each month or through my self-employed business each year? I hope it makes sense. Thank you
Posted Wed, 21 Feb 2024 10:45:47 GMT by HMRC Admin 25
Hi Aneta,
Any additional student loan will not be known for the 2023/24 tax year until you submit the tax return.
You cannot submit this until after 06/04/24.
Thank you. 
Posted Wed, 21 Feb 2024 11:59:07 GMT by
Thank you, Does it mean that Student Loan repayments each year are going to be always taken from my Self-Employment tax return as long as my full-time employment is not more than 27,000k? And then if I am going to make over 27.000k from my full-time employment then I am going to pay my student loan repayments separately each month (PAYE) and additionally via my Self Employment tax return each year? Do I understand it correctly? BW, Aneta
Posted Wed, 21 Feb 2024 14:11:41 GMT by HMRC Admin 8
The student loan payments taken from your PAYE employment will be based on that source only. any additional payment then due based on the self employed income will be calculated on your self assessment tax return.
Thank you.
Posted Wed, 21 Feb 2024 14:24:06 GMT by
Thank you !

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