Student Loans – make sure you tell your accountant!

If you or your staff have a student loan – it is very important to let your accountant and payroll company know! Fines are out there if you don’t!

Why you need to tell your accountant and payroll company

There are 2 reasons:

1. So that any amounts to be repaid are calculated correctly and deducted through PAYE
2. So that at the end of the tax year, your accountant can include the required information on your self assessment tax return and you then pay any additional amounts due on time

The fines quickly stack up if you don’t do this and start at 15% of the amount you owe, up to 40%, not to mention interest charges.

Further essential reading:

https://www.gov.uk/repaying-your-student-loan

• Posted on February 10th, 2020 in Tax Advice