The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald
The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald. By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants. Anyone who has had to deal with putting a child through university will understand that student loans can be complicated. It’s a bit of a test for mums and dads, but the end results are so worth it. But what happens when student life is over and everyone has to put thoughts to repaying loans? Well, the tax guys at HMRC have issued updated guidance to employers on how to deal with student loan deductions via the PAYE system. Employers should familiarise themselves with the guidance which has been updated to reflect the introduction of plan 2 loans which are repayable from a different threshold but at the same nine percent basis. With effect from the 2016/17 tax year there are two plan types for student loan repayments: plan 1 with a threshold of £17,495 (£1,457 a month or £336 per week) pla...