Thank you - my outstanding loan balance is quite large. Could I pay a chunk of it directly with Student Loan and minus the amount of £271 that is showing as due on my Self Assessment tax return draft? Just as a way to minimise my interest
I have tried to ring everyday for the last week (after waiting again this morning for 40 minutes I was cut off) so as a last resort I am posting here.
In summary, I fill out a self-assessment tax return due to property I have. For tax year 22-23, I paid student loan contributions (Plan 1) through my employer from April to October 2022, I was then abroad for 5 months and not working so did not pay anything further to Student Loan (via my employer or independently). I would like to now pay my student loan off due to the increased interest.
In my self assessment for 22-23, I suspect because I've only paid student loan contributions from April to October 2022, it is saying I need to pay £271. If I go ahead and pay my student loan off directly with SLC is this going to have an impact on my self assessment? Will HMRC subsequently know that I have gone ahead and paid it off?
I just want to be sure before I pay off the loan that I'm not going to have an issue with the self assessment, which understandably from the calculations thinks I need to pay more towards it via my self assessment with HMRC, but I would like to pay it off directly with Student Loan so I can stop paying the interest ASAP.
Look forward to your response - thanks