How to deal with Student Loan Deductions

Entering Student Loan Deductions From the P60

1. Log onto IRIS Personal Tax and select the client.

2. Click Employment and select Expenses.

3. Click New within the bottom half of the screen to the right.

4. Select expenses number 10 from the available list then enter the amount the client has contributed to their student loan via their employment, within this screen then click OK.
   
   
   

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Entering Student Loan Repayments

1. Log on to IRIS Personal Tax and select the client.

2. Click the Reliefs tab, select Miscellaneous, Tax Calculation then Student Loans.

3. Enable the Repayment applies to this year within this screen.

4. Click OK.
   
   
   

The student loan liability will account for the deductions being made on P60.

• The date boxes within this screen are for an informational purpose only, if the date loan repaid is entered this only prevents the record being taken forward to the following year. IRIS calculates the student loan repayment in conjunction with HMRC calculation. This calculation makes no provision for additional voluntary contributions made by the client nor does it account for the loan having been repaid in full during the year resulting in a repayment amount which is higher than the amount of loan outstanding. Please contact HMRC to discuss the process involved when the client has been affected by these situations.

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