Posted February 21, 2020
Paying back your student loan whilst being self employed
Sean Rushton, Whitesides Accountant looks into how to pay back your student loan whilst being self-employed
You pay your student loan via your self-assessment tax return. If you have an accountant doing this for you then they will do all the calculations and they’ll tell you how much you need to pay over.
Alternatively, if you’re doing it yourself and filing using HMRC online it will calculate the student loan repayments based on the information that you have put in. The repayment is based, not just on your business income, but also any dividends that have been declared, so if you have a company which is declaring dividends bear in mind that, that will be taken into account when you’re making your student repayments.
If you’re having trouble paying back your student lone whilst self-employed feel free to call Whitesides today, we’d be delighted to help.