Steps to Accurately Enter Your Student Loan Details for Self-Assessment
Accurately entering your student loan figures in the Pie Tax App is essential for correct tax calculations when filing your self-assessment. Whether you're repaying a Plan 1, Plan 2 loan, or both, the information you provide will directly impact your tax liabilities. During onboarding, you're prompted to enter these details for each income source, but if you need to make changes, the app allows you to edit this information easily.
Follow our step-by-step guide to ensure your student loan repayments are accurately reflected in your tax calculations.
Your Step-by-Step Guide
Ensuring that your student loan figures are accurate in the Pie Tax App is crucial for correctly calculating your tax obligations when filing a self-assessment. Here's a step-by-step guide to help you update your student loan details easily:
Launch the Pie Tax App on your device. Once the app is open, tap the avatar icon located in the top left corner of the screen to access your profile.Open the App and Access Your Profile
Scroll down to the ‘Income Accounts’ section within your profile. Tap on this option to view and manage your income entries. Navigate to ‘Income Accounts’
Find the income source you wish to update with your student loan figures. If you haven’t added an income source yet, tap ‘Add New Income’ to create one before proceeding.Select the Relevant Income Source
Once you've selected the income source, tap on ‘Add’ under the student loan section.Add Student Loan Information
The app will ask if you are contributing towards a student loan. Tap ‘Yes’ to proceed.Confirm Student Loan Contribution
You will be prompted to select your student loan plan—Plan 1, Plan 2, both plans, or if you are unsure. A hyperlink is provided to help you confirm which plan applies to you.Select Your Student Loan Plan
Next, the app will ask how much you repaid last year. Enter the correct amount and tap ‘Yes’ to confirm.Enter Repayment Figures
After entering the repayment figures, the app will return to your income information, and the student loan amount will be added. Your tax calculations will also be adjusted accordingly.Save and Confirm
Key Benefits
Ensure your student loan repayments are correctly included in your tax calculations.Accurate Tax Calculations
Update your loan details to claim the right tax relief based on your repayment plan. Maximise Tax Relief
Keep your records current for a smoother self-assessment process.Simplified Self-Assessment
Frequently Asked Questions
How do I update my student loan information in the Pie Tax App?
You can update your student loan figures by navigating to ‘Income Accounts’ in your profile, selecting the relevant income source, and entering the correct repayment details.
Can I change my student loan plan if I made a mistake during onboarding?
Yes, you can easily edit your student loan plan by accessing the income source under ‘Income Accounts’ and selecting the correct plan.
What if I don’t know which student loan plan I’m on?
The Pie Tax App provides a helpful hyperlink to guide you in identifying your student loan plan before entering the details.
Will updating my student loan figures affect my tax calculations?
Yes, ensuring accurate student loan figures will automatically adjust your tax calculations within the app.
Is it necessary to update student loan information for each income source?
Yes, you should enter or update your student loan details for each income source to ensure accurate tax reporting and calculations.
