Just logged in to my Student Finance account.
Age 18 "It will be the most affordable loan you ever take".
Age 41, interest is greater than repayments.
I've recently realised the £22k threshold is per job. So someone with three jobs, each paying £20k, pays nothing. I'm part time at £25k, and earning self employed on the side.
Need to cut those part time hours.
It's written off if you die at least.
That's really weird. I wonder what the thinking was.
Future tories with a string of non-exec directorships?
I'd double check that, I thought i read somewhere if you do a self assessment return (which I presume you do) the income is taken as a whole.
Have done a self assessment for income from property which did not add to my student loan bill when submitted, though income from property is classed as unearned income and treated differently.
Not yet done a return for self employed, but from my conversation with them earlier this year, where I was trying (and failing) to get a refund on payments, he went through the rules fairly thoroughly and I mentioned self employed additional work and I'm sure this is where I got the idea that they only look at each job. I guess I'll find out when I file my next tax assessment.
Possibly just to avoid a complex implementation… it’s much easier to just set a rule that each employer/payroll system implements individually.
Also, there may be a privacy consideration.. a person should not be forced to disclose to one employer the existence of, or quantum of, earnings from another.
It all functions to the advantage of the person paying back the loan, and probably applies to a relatively small percentage of people, so it makes sense to do it in the relatively simple way.
Example: Emily
Emily has a Plan 2 income-based student loan. When she graduated, she took part-time work with Company A, earning £21,500 a year. As she is not earning above the threshold, she does not have to make loan repayments.
In April 2023, she gets another part-time job for Company B, earning £6,000 a year. Company B is not in any way related to Company A.
Even though her total earnings are now £27,500 a year, neither employer has to deduct student loan repayments as each is within the £27,295 threshold.
However, if Emily were required by HM Revenue & Customs (HMRC) to fill in a tax return, both employments would be combined in the overall student loan repayment calculation and she would then have to make repayments based upon her total earnings of £27,500. There is more on Self Assessment later in this section.
I don't feel so sure about this. If I start earning money from say a bar job, isn't my tax code with my main company updated to reflect that?
Tax codes cover a lot of things - so your employer can take a guess at what might be behind a change, but they can’t know. Changes in code can be due to non-employment-related things, recovery of prior year taxes, pension income, investment/capital income, or even just because you have some reason to request one and the taxman allowed it.
When you elect to have your personal allowance not applied to a particular job (which is accomplished via the code) it is certainly a clear indication to that employer that you have another source of income.. but no more than that, and only that particular employer knows about it (so, if it’s a side-gig, the primary employer doesn’t know about it)
Exciting news. Apparently Ed and Molly’s play barn is closed until Monday due to some sort of incident. So I no longer have to spend two hours there on Saturday. Am slightly worried by what Mrs Charlie may arrange instead.
‘Some sort of incident’
You didn’t reap Ed and/or Molly to get out of it, did you?
Flooding. I don't do flooding.
I feel like Ingo is the sort of guy that's floored the pedal before and tried to drive under a flooded bridge.
Not sure which one of the horsemen you roped in for that one. I suppose Famine could have an indirect hand in it.
