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Student loan and postgraduate money compensation direction for companies

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Student loan and postgraduate money compensation direction for companies

Locate help with making staff members’ education loan and postgraduate money (PGL) discount in various conditions.

Structure and finance varieties and thresholds

With effects from April 2020, the thresholds for making student loan write-offs tend to be:

Staff members pay 9per cent for the quantity the two make within the threshold for organize 1 and 2.

Workforce repay 6percent on the amount the two make during the limit for PGL .

Beginning student loan and PGL breaks, inspecting arrange and loan type

  • an innovative employee’s P45 programs write-offs should manage – ask your employee to confirm their arrange and finance form
  • your brand new personnel tells you they’re paying a student loan – ask your personnel to confirm the company’s structure and mortgage means
  • your brand-new employees fills in a starter list expressing they have a student-based loan – the guidelines should let you know which approach sort and money kind to make use of, in case your personnel features both organize kinds 1 and 2, ask them to check out a student financial institution for any proper organize kind taking discount under or, traditional to strategy kind 1 until such time you acquire a student loan start off find SL1 that HMRC supplies you with
  • HMRC provides you with means SL1 ‘Start note’ – this would inform you which approach type to utilize
  • HMRC sends you shape PGL1 ‘Start note’ – that will likely reveal they already have a PGL
  • you will get a simple alerts Service student loan and, or PGL indication – ask your employees to verify their program and money kinds

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