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How to account for Student Loan when doing monthly accounts?

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    #11
    Originally posted by Jasonrajput
    I'll be taking most of what I earn in the next few months as I'm also getting married in August. Need the £££. After that I'll stick to the £3100.
    Do bear in mind the payments on account then although if you're confident you'll only be a higher rate tax payer this year you can apply to reduce them to nil.

    Weddings, money...I know what you mean.

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      #12
      Have you got much left on your student loan or do you intend to clear it within the next year?

      If you intend to clear it within next year then think about "breaking the rules" and not starting PAYE student loan deductions, and instead clear it before submitting your tax return by making payments direct to Student Loans Company via card on their website. That way the money registers with them straightway and they'll be satisfied it is fully repaid and HMRC won't have anything to do with it - you can just tell them on the return that it's already repaid.

      The annoying thing is if you make PAYE or self assessment student loan deductions then HMRC don't pass the money or the info onto SLC for over a year and you then keep getting deductions for at least a year that aren't due
      Last edited by PTP; 30 July 2014, 22:18.

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