How do I pay back a student loan when I’m self-employed?

Student loan repayment is the ugly side of university life. It’s a daunting debt as it is, but it can be even scarier for the self-employed. As a freelancer, contractor, or small business owner, your student loan repayments will need to be included on your annual Self Assessment tax return.

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The accounting records you need to keep to satisfy the tax authorities

Legally you have to keep records for your business and for any other income you get. This is so you can fill in your tax return and show the figures are right. You'll need to keep at least invoices for sales and purchases, receipts for business expenses and bank records.

This article focuses on the accounting records to satisfy the tax authorities.

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HMRC YouTube

Range of videos related to tax for your startup.

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Helps you know your startups tax implications.

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GOV.UK – tax information

A great starting place to find out about business tax and tax reliefs that you maybe able to claim for.

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HMRC webinars, email alerts and videos

Lots of webinars and advice about tax worth watching before you start up your business to get an overview of what you will need to do when you start up your business.

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HMRC E-Courses

Short e-course if you are looking to set up as self-employed/sole trader. Lots of useful information available and isn't onerous to complete.

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Our Advice

Often it’s simplest (and cheapest)  to ask HMRC  in person. They are helpful in general and provided you insist on a written answer, will furnish you with the right answer. Contrary to popular belief they are not there to rob you, rather to see that the law is carried out. Their advice, unlike an accountant’s, is also free.