Student loan payments to HMRC

[d000hg]

When I asked about this on CUK recently I was told to simply pay the SL payment to HMRC and they sort it out. I don't know whether you shouls use the same details as you do for normal tax payments though, maybe they have a special account for that kind of thing.

[whattodo]

So basically a lot like the statement I received for any additional income tax due, but with its own reference number and methods of payment.

I got the letter titled "Self assessment statement" for income tax. Sort code and account number are different for those payments though (10-51-67 23444401).

At least thanks to your post I know I can make a quick payment on the www.billpayment.co.uk/hmrc website under self assessment. That means i've got some time to get this matter sorted before the 31st deadline.

Thanks for the post Rsoles, much appreciated yet again. Hopefully this will be easier in year 2 of trading!

[RSoles]

The one I have here is Headed; HMRC Self Assessment Statement'
SA300

On the back, 'How to pay'
'Use the internet or telephone to make payment.....dadada..
Sort code 10-50-41
Account 23456000
Your reference as shown on the payslip
(10 numbers plus the final K).

Looks like you'll need the SA300 for the reference unless you've got it somewhere.
helpline is 01274 532007
evenings or weekends 0845 9000 444

Pay by debit card
go to
www.billpayment.co.uk/hmrc.
and follow the guidance.

[whattodo]

Just re-read your post xoggoth, I think you're talking about the letter i'm after rather than the standard student loan balance statements.

I don't suppose you have any details of what was on there do you? E.g. a website where you make online payments or something like that?

[whattodo]

I get statements from the student loans company telling me what my balance is, and they give details of how I can make payments to the student loans company to pay off my loan early.

However I think any payments made to the student loans company in that way aren't deducted from what you have to pay HMRC that tax year. They're seen as additional payments.

E.g. You loan balance is £5k.
You get £xxxx that year resulting in £1000 payment being due by 31st of January to HMRC.
You go to student loans company and give them £1000.
HMRC comes knocking and still wants £1000 payment for that tax year.

At least that's my understanding from what i've read.

I've sent an email to my accountant asking for some clarification Hopefully he's just sitting on a letter like last time, as annoying as that would be

[xoggoth]

Surprised. My sons were certainly sent statements of what was owed and how to pay.

[whattodo]

Thanks Rsoles, now I know where I stand. I'm obviously missing a letter somewhere. I'll start by asking my accountant in case he's got something from HMRC.

Same thing happened with my company's corporation tax bill for the previous tax year. Turned out my accountant had the bill with payment details but didn't think to forwarded it on to me until I asked what was going on close to the deadline.

As I said in a previous post, i'm tempted to switch, but I don't know how much hassle that is. I seem to be left in the dark a bit too much at times.

On a separate note i'm thinking I should save up and pay it off if possible. I don't think I can earn enough interest on savings to keep pace with the interest on the loan. Bloomin interest rates.

[RSoles]

If the amount was shown during your SA entry you should have received a letter / bill by now.
My wife has a Student loan to repay and due to an unfortunately good year last/last-but-one year she went over the threshold.
Letter arrived Christmas eve.....<thanks guys>.

If you don't receive one soon maybe it'd be a good idea to ring HMRC and ask.

RS

[whattodo]

Thanks for the replies. I think I should have been a bit clearer in my question though.

Calculating the amount due is not the problem. I'm wondering how should I actually pay the money. Who should I pay it to and how?

For example with income tax I got a letter through the door, confirming the amount due, and giving me a list of ways to pay, as well as the reference number to give with all payments. I paid that online, easy.

With the money due for student loan I have calculated the amount, and that was on the self assessment return, but i've had no word from HMRC to confirm the amount or tell me how i'm supposed to pay and to who.

So just who do I give the money to and how? Everything I find on HMRC website just tells me about the amount of money to pay but not how to pay. Do I send a cheque to a certain address? Do I need a reference number like when paying income tax? Can I pay online somewhere? Should I have received a letter by now seeing as it's due at the end of January (according to a letter from my accountant)?

Thanks in advance to anyone who can answer these questions. I'm hoping there's a contractor out there who has already had to do this at some point.

[PhilAtBFCA]

Student Loans and SATR

Hi whattodo

Student Loan deduction are calculated as follows in an SATR:

A)Total earned income
B) Total unearned income (if unearned income is less that £2K than do not add, if more than £2K add all unearned income)

C) A + B
D) Deducect £15K
E) (C - D) * 9%

From E deduct student loans already deducted through your salary and that will give you student loan repayment due.

Phil

[whattodo]

If you have additional income on your self assessment tax return, e.g. interest / dividends, then there's further income tax and student loan payments to be made by 31st of Jan isn't there? That was my understanding anyway.

I've had a letter confirming the amount due in income tax, but nothing regarding the student loan payment. I was wondering if anyone else knows what usually happens?

My accountant worked out the amount due in incometax and student loan but has been a bit vague on the details. Maybe I need a new one next tax year

[PhilAtBFCA]

Student Loan Payments

whattodo

Its the employers obligation to calculate what should be paid and pay it with the NI and Tax payments for the period.

Your payroll software should help with this if you are using any and callculate the right amounts.

Otherwise there is a full explanation on the HMRC website.

Phil

[whattodo]

Hi everyone,

I'm due to make a student loan payment to HMRC this month, but i've no idea how to go about it. I haven't been sent any information by HMRC as to how I should pay it, although I know the amount I should pay (calculated on my self assessment return).

Should I have received a letter from HMRC already telling me how I should pay and how much? (As happens with your income tax payment). I would pay the student loans company directly but apparently any payments made to them are deducted from your loan amount but not from what you owe for the tax year.

Any help is appreciated :-)

Thanks all.