Calculate the amount of your outstanding loans as at 5th April 2021 – do this
ASAP!
If you don’t have any paperwork, you could do this by tracing the flow of money into your
bank account.
2. Try and understand the impact of the loan charge on your position for 2021/22.
You may pay more tax but also Student Loan Deductions and High Income Child Benefit
Charge for example.
3. Complete loan reporting form on GOV.UK by 30th September 2022.
If you need a paper version of the form, let HMRC know on 0300 599 110.
4. Register for a Self-Assessment Tax Return (if required).
You should do this by 5th October 2021.
5. Complete tax return, with loan amount included in box 21 of Additional Information
supplementary Pages.
Remember it has to be complete and correct as far as possible.
6. Submit Tax Return.
By 31st October 2021 if submitting a paper return or 31st January 2022 if submitting
online.
7. Pay what you owe by 31st January 2022.
If you can’t pay what you owe, contact HMRC or Tax Aid for help and advice.
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