Originally posted by codedbypaul
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Reply to: Student loan and PAYE
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Previously on "Student loan and PAYE"
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Originally posted by midlandlass View PostSorry should have explained it in more detail... the calculation of the deduction is based on the gross pay (before tax and NI) for the pay period and no deduction will be made if the statutory threshold is not exceeded. The actual deduction is made from the net pay after tax and national insurance has been calculated and deducted.
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Sorry should have explained it in more detail... the calculation of the deduction is based on the gross pay (before tax and NI) for the pay period and no deduction will be made if the statutory threshold is not exceeded. The actual deduction is made from the net pay after tax and national insurance has been calculated and deducted.
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Originally posted by midlandlass View PostHi Paul, I have PMd you, but in essence the student loan is taken pre tax, so it now looks like your salary has increased and therefore your earnings will be taxed on a higher figure increasing your tax take.
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Hi Paul, I have PMd you, so it now looks like your salary has increased and therefore your earnings will be taxed on a higher figure increasing your tax take.Last edited by lucyclarityumbrella; 14 October 2019, 12:16.
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Originally posted by BlueSharp View PostAs far as I know the student loan is repaid after PAYE tax has been paid so the tax element should not have changed. Has your tax code changed? Has some numpty put you on an emergency tax code?
Originally posted by BlueSharp View PostWhat does your umbrella company say?
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Originally posted by codedbypaul View PostI'm probably misunderstanding how PAYE works but here's my question anyway.
Up until a few weeks ago I was paying off my student loan via PAYE. As I got the letter from SLC suggesting switching to direct debit as I was close to paying it off I set this up with them and they informed my umbrella to stop taking payments.
Now I'm finding I'm paying no student loan but more PAYE. Roughly the same amount extra that the loan payment was.
Am I wrong for thinking I'd be paying the same amount of PAYE?
Thanks in advance.
Paul.
As far as I know the student loan is repyed after PAYE tax has been paid so the tax element should not have changed. Has your tax code changed? Has some numpty put you on an emergency tax code?
What does your umbrella company say?
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Student loan and PAYE
I'm probably misunderstanding how PAYE works but here's my question anyway.
Up until a few weeks ago I was paying off my student loan via PAYE. As I got the letter from SLC suggesting switching to direct debit as I was close to paying it off I set this up with them and they informed my umbrella to stop taking payments.
Now I'm finding I'm paying no student loan but more PAYE. Roughly the same amount extra that the loan payment was.
Am I wrong for thinking I'd be paying the same amount of PAYE?
Thanks in advance.
Paul.Tags: None
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