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. Taxfiler will also take into account any unearned income.
Student loan repayments
- Liable to repay undergraduate student loan? – this tick box has been added in from 2020, tick this box to allow Taxfiler to calculate a student loan repayment. The taxpayer should have received a letter notifying them when repayments should begin
- Repayment plan – select the appropriate plan from the drop down list: plan 1,2 or 4 which applies to Scottish Students (included from 2022). 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 the annual threshold, for the tax year.
- 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, this tick box has been removed from 2020.
- 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. This tick box has been removed from 2020.
Post graduate student loan repayments
This section has been added from 2020.
- Liable to repay post graduate loan? – tick this box in order for Taxfiler to calculate a post graduate loan repayment, the taxpayer should have received a letter notifying them that repayments should begin.
- Post graduate loan repayment deducted amount – enter any post graduate loan amount that has been deducted by the employer, you can find this information on the taxpayer’s P60.