Is there any way of finding out how much someone has had deducted for their student loan repayments, I am doing the accounts for someone who was employed for 9 months during 18/19 and then went self-employed, I have a copy of their P45 but all it has is the box ticked to say that the loans will continue, when I tick the box on Taxfiler for student loans it asks for me to enter the amount already deducted which I don't know, if I leave this blank it shows the full amount to be repaid which I do not want.
Never had a client with student loans before so not sure how to get this information, I don't think a P60 shows it either but maybe wrong.
Any help appreciated as always
Cheers
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Doug
These are only my opinions of how I see things and therefore should not be taken as advice
I'm not sure if Casu's suggestion will show a cumulative total but that's the first port of call. If the client has all their payslips even better.
Two suggestions if no joy there
You could ring HMRC and ask them to send client the info
You could make a rough calculation based on their employed earnings, making a note that it's an estimate It shouldn't be far out but you'll need to know whether it's plan 1 or 2
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
I will speak to her on Tuesday and see if she has her payslips, she does seem pretty organised so hopefully that works out, if not HMRC phone call it is.
Cheers
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Doug
These are only my opinions of how I see things and therefore should not be taken as advice
HMRC are hopeless when it comes to student loans. Often get it wrong and often feed duff info to the student loan company. Would always recommend folk keep their full payslips and check it to their annual student loan company statement (assuming they get the annual statement because that department is just as bad!!)
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
HMRC are hopeless when it comes to student loans. Often get it wrong and often feed duff info to the student loan company. Would always recommend folk keep their full payslips and check it to their annual student loan company statement (assuming they get the annual statement because that department is just as bad!!)
Luckily the client had all her payslips so I just included the cumulative total for the year in Taxfiler
Cheers
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Doug
These are only my opinions of how I see things and therefore should not be taken as advice
