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Completing the student loan information on the tax return: Boxes 1, 2 and 3 TR 5

Article ID
ias-11874
Article Name
Completing the student loan information on the tax return: Boxes 1, 2 and 3 TR 5
Created Date
18th February 2015
Product
IRIS Personal Tax
Problem
You may need to enter student loan information on a client's tax return and these will be boxes 1, 2 and 3 on page TR 5 of the Tax Return.
Resolution
To complete box 1: 1) Go to Reliefs, Miscelleanous, Tax Calculation, Student Loans 2) Tick the box Repayment applies to this year 3) Click OK at the bottom of this screen and a (1) will appear at the end of Student Loans 4) You must select whether this loan type is type 1 or type 2. Loan plan 1 – student loans taken out in England or Wales before 1 September 2012, or in Scotland or Northern Ireland at any time. Loan plan 2 – student loans taken out in England or Wales on or after 1 September 2012 To complete box 2: (only if a payment has been taken by an Employer) 1) Go to the Income menu, Employment, Expenses 2) Choose type 10 and enter the amount already deducted To complete box 3: 1) Go to Reliefs, Miscelleanous, Tax Calculation, Student Loans 2) Tick the box for If you think the loan will be repaid within the next two years Note: The report Student Loan Repayment computation will provide you with the breakdown of how the student loan has been calculated by IRIS. If your client has repaid their student loan in the current year then you will need to send in your return with the student loan showing and the HMRC will check the Student Loan Companies Report and if they have advised that the loan is paid then the HMRC will contact the client advising of the new tax that is required. If your client repaid their student loan in the previous year then you need to do the following:- Go to Reliefs | Miscellaneous | Tax Calculation You will have a (1) at the end of Student Loan, click on this heading and in the Student Loan screen that appears click on delete and the (1) will disappear and the loan will not be calculated.

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