Personal tax- Enter Student loan, Post Graduate loan, Loan plan type and edit the calculation

how-to-select-the-student-loan-plan-type-in-personal-tax

Personal tax- Enter Student loan, Post Graduate loan, Loan plan type and edit the calculation

14th January 2020

How to enter a Student loan, Post Graduate loan and select the student loan plan type in personal tax?

1.Load Personal tax and select the client and year.

2. Go to Employment, Expenses and New and Type 10 Student loan OR Type 11 Post graduate loan and enter the amount

3. If a ‘Student loan’ then go to Reliefs | Miscellaneous | Tax calculation | Student loans and Select the loan plan type | OK. This covers Loan Plan type 1, 2 and 4

4. If a ‘Post graduate loan’ then go to Reliefs | Miscellaneous | Tax calculation | Post graduate loans – this is a automatically defaulted to Loan Plan type 3 (you do not need to select this)

5. Now go to Reports | Student loan repayment computation to see the full breakdown for both Loan and Post Grad loan. Any repayment values will then pull through to the Tax computation and Tax return if its applies in Page TC1 Boxes 3/3.1. (Example: If enough expense payments where made in Type 10/11 which reduces the loan to be paid to £0 and no values will show).

How to add a manually paid student loan (not via Employment) There is no function to enter this under PT and we recommend you add it under notes: Reliefs/ Miscellaneous/ Additional Information/ SA100 Main return. OR you contact HMRC Support to ask where they prefer to show it.

How to enter Loan type 1 and 2 together (or a combination)? HMRC rules: PT is restricted to just one type entry only. As a workaround you can only choose either plan 1 or 2 and then for the additional information SA100, you will need to enter a note to explain user has both plans.

How to edit the Student loan calc OR stop the calc? The function to modify the student loan repayment is locked– you cannot change the calculated figure. There are only two options:
a) Submit the return as it is BUT add a note under – reliefs/ misc/ additional information/ sa100 and add a note explaining whats happened and what you want. HMRC will then amend the return.
b) To stop the calc: Delete the student loan by going to Reliefs/ misc/ tax calc / student loan, then click delete. This may delete the ENTIRE student loan calculation from the comp etc. This is usually done if you do not want the student loan calc at all.

If the student loan is being duplicated: Go to Employment | Involvement (at the bottom of the screen) | Please remove the TO DATE for the business in the employed tab | Close.
You will see another entry on the employment screen, please highlight this and delete the entries, so all you have is the one correct employment showing and put back in the TO DATE for the one which should not show. Please run the Student Loan Computation and it will show only the one entered under employment