Pro-Taxman

Student Loans

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 …

Student loan repayments: Increased thresholds from April 2021 Read More »

Read our quick guide to payroll for new employees covering tax codes, the new starter checklist and student loans.

Payroll – how to deal with new starters From a payroll perspective, there are various tasks that an employer has to perform when they take on a new starter. For 2019/20 an employer needs to operate PAYE where the employee earns more than £118 per week (the lower earnings limit for National Insurance purposes). However, …

Read our quick guide to payroll for new employees covering tax codes, the new starter checklist and student loans. Read More »

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 »