Student Loan

Student Loan

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Client has additional student loan liability for 12-13 due to self-employed income. I thought that the gross gift aid value reduced the liability. Am I incorrect? Also am I correct that benefits in kind are not included as well as interest <£2,000? Thanks

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By pjones
17th Dec 2013 13:24

No and Yes

I do not believe that Gift Aid is deducted, pension contributions are however deducted as are current year losses.

You are correct about most BIKs not being included although for example vouchers, credit cards, excess mileage, expenses reimbursed etc are included (although cancelled out with a wholly, exclusively, necessarily claim as appropriate). 

All unearned income is ignored unless over £2,000 as you note.

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