UK Payroll - Include student loan calculation on summary reports
Student Loan Tax Calculation
Xero tax sets out the calculation of Income tax and NIC very well.
Unfortunately, the system is obscure in relation to displaying the calculation for Student Loan Tax which is important for an increasing number of young people coming into financial maturity.
We need to provide adequate assurance both to them and the increasingly aggressing Student Loan Company to avoid penalties and unexpected bills.
I request that Xero includes a breakdown of the calculation on the Summary computation report.
This would add a great deal of assurance and quality control for both our young clients and the Student Loan Company.
Wisdom Da Costa
shared this idea
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Colin Nutt
commented
This is definitely required, we have had notification from HMRC of failure to deduct a student loan, but can see no reason why the deduction didn't take place - knowing the calculation would help to identify why the deduction didn't occur (the deduction is correctly set in the employees pay template)