Pro-Taxman

Student loan deductions

Student loan repayments: Increased thresholds from April 2021

Repayment of student loans is a shared responsibility between the Student Loans Company (SLC) and HMRC. Employers have an obligation to deduct student loan repayments in certain circumstances and to account for such payments ‘in like manner as income tax payable under the Taxes Acts’. There are two plan types for student loan repayments, which …

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You might have escaped student loans, but your employees probably haven’t.

Student loan deductions Employers fulfil many collection roles for HMRC, one of which is the collection of student loan repayments. There are now three types of student loans for which employers may be responsible for deducting loan repayments from an employee’s pay. These are: Plan 1 Student Loans; Plan 2 Student Loans; and Post-graduate Loans …

You might have escaped student loans, but your employees probably haven’t. Read More »