Here at EPS we have continued our pro-active approach to legislative changes, providing our clients with copies of the new starter checklist which includes a more detailed section relation g to Student Loans and Postgraduate Loans. We have also been offering support to help answer any employee queries relating to the new form.
The new form should be used in conjunction with a P45 to ensure the correct type of loan deductions are applied to new employees’ salaries.
What is a Postgraduate Loan? A Postgraduate Loan lets you borrow up to £10,609 (increasing to £10,906 in 2019) for a Master’s Degree. The loan is provided by Student Finance England on behalf of the UK Government and is paid in regular
So, what’s new on the Starter Form? Firstly, the existing student loan section has been redesigned with the inclusion of ‘both’ option for employees who may have both Plan 1 and Plan 2 loans.
Secondly, there is an entirely new section entitled ‘Postgraduate Loan’ where employees can indicate if they have such a loan and also if the loan should be deducted from their salary i.e., they are not repaying the loan via direct debit. These changes can be found on page 2 of the form, there has been no change to page 1 which includes employee details and starter declaration as before.
Our software will
As always, we are available to support our clients with any change of legislation and assist with any queries that may arise. To find out more about our outsourced payroll services Why not give us a quick call on 020 3802 1534 or email email@example.com, you are also welcomed to visit our website for payroll outsourcing services.