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Confirming your income at the end of the tax year

After the tax year finishes, we’ll send you a form. You and your partner, if you’re the students’ parent/step-parent, must complete and return this with evidence of your income. When you’re sending us any evidence, remember to send us photocopies, not originals.

What evidence you need to send with your form

If you’re employed

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Send a photocopy of your most recent P60. If you don’t have this yet, send a photocopy of your month 12 or final week payslip. Please don’t send a tax calculation or tax summary, as we can’t accept these.

If you’ve had more than one job in the year, you need to send evidence for each one, such as your photocopied P45. If you get any taxable benefits in kind from your employer, such as a company car, you’ll need to send a photocopy of your P11D form.

If you get a pension

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Send a photocopy of your most recent P60 or P60P. If you have more than one pension, you’ll need to send evidence for each of them.

If you’re Self Assessed or Self-employed

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Send a photocopy of your latest full finalised tax return. Please don’t send a tax calculation or tax summary, as we can’t accept these.

If you don’t have your tax return when we ask you for evidence, you need to let us know in writing. Find out more about what happens next if this applies to you.

If you receive taxable state benefits

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Send a photocopy of your P60 or P60U, or a letter from the Department for Work and Pensions confirming how much money you received.

If you’ve got no income sources

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If you and your partner both have no income, you’ll need to confirm how you supported yourself financially and send evidence of this, such as photocopies of your bank statements.

If you receive income from savings or investments

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Send a photocopy of your bank statements or a copy of your full finalised tax return.

Current Year Income assessment - Has your household income dropped?

1 Check if you’re eligible

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If your household income has not dropped by 15% over the full year

You will not be able to ask for a current year income assessment unless you expect your household income to drop by at least 15% over the current tax year. Keep in mind, being on furlough for a few months during the COVID-19 outbreak may not give you a 15% drop in income over the full 2020-21 tax year.

Remember it’s the combined income for your household, so if only one person’s income has dropped, this might not be enough to ask for a current year income assessment.

For example, if both parents in a household earn £20,000, the household income would need to go down by at least 15% of £40,000. In this example, this would be a drop in household income of at least £6,000 across the year, regardless of whether one or both people in the household have had a drop in income.

If your household income was less than £25,000

Your child or partner will already be assessed for the maximum amount of funding, so there’s no need to ask for a current year income assessment.

But you might still be able to ask us for one if:

  • they need it to get more bursary or scholarship from their university or college
  • they have children or an adult who depends on you financially

This is because the household income threshold for bursaries and Dependants’ Grants can be lower than other types of student finance. They should check with their university or college before you ask us for a current year income assessment.

If your household income is expected to be more than £70,000 or if your child or partner is not getting student finance based on household income

It’s unlikely they will be able to get any extra student finance, but you can find out more to see if you can ask for a current year income assessment.

2 Apply

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You can apply for a current year income assessment by downloading a form and sending it to us.

You can apply at any point until the last day of your child or partner’s academic year.

You do not have to apply now if you’re not able to. If you send us a current year income application towards the end of the academic year, we’ll make sure your child or partner doesn’t lose out on student finance because of it.

If you’re not sure if the COVID-19 outbreak will have an impact on your household income, you don’t need to apply now. You can wait until you know more.

3 Keep your household income estimates up to date

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Once you’ve applied and we’ve done a current year income assessment, you must let us know if your household income changes at any point throughout the year. For example, if you’ve:

  • worked overtime or extra hours
  • changed jobs
  • had any pay rises, bonuses or redundancy pay

! If you don’t keep your household income estimates up to date, or if you underestimate your household income, your child or partner could be paid too much student finance and will be asked to pay it back.

4 Confirm your household income at the end of the tax year

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After the tax year finishes, we’ll ask you to let us know what your actual household income was and send us evidence of this. We’ll usually ask you for this at the end of the tax year in April 2021.

Find out what you need to do and what you need to send us.

! If you don’t do this, your child or partner’s student finance payments will be reduced and they’ll be asked to pay some of it back.

5 What happens next

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Once we know your actual household income at the end of the tax year, we’ll be able to check if the amount we gave your child or partner was correct.

? Find out what happens if your estimated household income was higher or lower than your actual household income.

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