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Posted Sun, 01 Sep 2024 14:48:52 GMT by RichardD1
Hello, I've just completed my first Self Assessment, and I'm not sure how it's calculated the Student Loan figure. Could anyone clarify please? I'm on a Plan 1 Student Loan. I have several sources of income: Main job + benefits Part-time job (less than £5k/yr) Dividends Interest on savings I thought it would ignore the part-time job (as it is less than the threshold), add all the others together, minus £22,015 (the threshold), and multiply by 9%. But it's not. I've tried everything, and can't get the figure to match. Does anyone know if I've missed anything? Thanks
Posted Wed, 11 Sep 2024 13:10:06 GMT by HMRC Admin 20 Response
Hi,
Unfortunately, we are unable to provide specific advice tailored to individual circumstances you may wish to contact our helpline:
Income Tax: general enquiries
This link may also be of use: Repaying your student loan
Thank you.
Posted Thu, 03 Oct 2024 20:41:29 GMT by RichardD1
If anyone else looks at this thread in the future, I figured it out. It is all sources of income, excluding employment benefits, minus £22,015 (the threshold), minus pension contributions and gift aid; all multiplied by 9%.
Posted Fri, 04 Oct 2024 09:16:11 GMT by Clive Smaldon
Not HMRC...Student loan repayment is based on cumulative income from all sources. Not sure why you think the part time employment shouldnt be included in the calculation?....otherwise, by using that logic someone with 4 part time jobs could earn £10k from each, total income for the year £40k and pay nothing back whereas someone with one full time job on £4Ok would repay...the "threshold" only applies when operated against PAYE where income goes above it for PAYE student repayment rules, its not the definitive result, which needs to take account of all taxable income for the year.

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