This section is accessed via the data input tab within the tax return and is used to indicate that the tax payer is eligible to make Student Loan repayments. Taxfiler will calculate the repayments due and will ensure that repayments are only included in the tax computation if the income is above the statutory repayment threshold for the tax year.
- ‘Repayment plan‘ select either plan 1 or plan 2 from the drop down list. For further information refer to HMRC guide. The examples in this guide calculate the repayments due on a weekly/monthly basis, the calculations on the tax return are based on an annual threshold, and calculated annually.
- ‘Repayments due to begin before end of tax year‘ Tick this box to indicate that repayments are due, the taxpayer should have received a letter notifying them that repayments should begin
- ‘Repayments deducted by employer’ Enter any student loan amount that has been deducted by the employer, you can find this information on the taxpayer’s P60.
- ‘Loan likely to be fully repaid within next two years?‘ Tick the box if the loan is likely to be repaid within the next two years.