Got a Student Loan? Tell Your Accountant!

Remember that Student Loan you haven't thought about for years? Unfortunately, HMRC does. 😬

If you're completing a Self Assessment, your Student Loan can affect the amount you need to pay. But don't worry, you don't need to work anything out yourself.

What do I need to do?

1. Tell us you have a Student Loan.
Even if repayments are already coming out of your wages.

2. Tell us which plan you're on.
It'll be Plan 1, 2, 4 or 5. You might also have a Postgraduate Loan.

Don't know? Check your Student Loan account rather than guessing.

3. Give us your P60.
If you've already made Student Loan repayments through PAYE, your P60 tells us how much you've paid.

What happens next?

That's our problem!

We'll include the correct information on your Self Assessment and your Student Loan repayment will be calculated as part of it.

If you've got a PAYE job as well as self-employed or other income, you might still have some Student Loan to pay through Self Assessment even though it's already being deducted from your wages.

That's often the bit that catches people out.

Give us the information. We'll do the boring bit.And if you can't remember which Student Loan plan you're on, please don't ask Dave down the pub. He doesn't know either. 😆