If you have a student loan you must inform your employer or your Accountants if you are self employed or a director of your own company. If you earn over £364 per week on plan 1 (loan taken before 2012) or £494 per week on plan 2 (loan taken 2012 onwards) then you must pay 9% of your income above this threshold towards your loan repayments. The student loan is written off when you either reach age 60 or 65 or 25 or 30 years after graduation, depending upon when you took the loan out.
The latest news from PMC Partnership incorporating Pomfreys Accountants – 1st October
If are a non tax payer earning below £12,570 you can earn up to £5,000 tax free of interest. If you are a basic rate tax payer earning over £12,570 up to £50,000 you can earn up to £1,000 of interest tax free.