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Professional accountants serving the UK and helping small businesses to grow!

Whether you are an expanding company or just starting up, KAMP Accountants is here to help.

With extensive experience working with large and small clients throughout the UK, we support large and small business in a broad range of business sectors with all their accountancy requirements.

Student loans for 2021-22

Newsletter issue - May 2021

Starting from 6 April 2021, there is a new type of undergraduate student loan that employers need to be aware of when operating payroll - the Plan 4 loan (SLP4). The new plan type has been necessary due to the Scottish government amending certain details regarding repayment, including the increase of the earnings threshold. SLP4 will apply to all new and existing Scottish borrowers. This means that Scottish borrowers that were in repayment before 6 April 2021 using the Plan 1 (SLP1) arrangements will need to be moved across to SLP4.

The new plan is applicable to any individual that received a loan from the Student Award Agency for Scotland. Whether they live in Scotland or not is irrelevant.

The Student Loans Company will inform HMRC about individuals that need to be moved from SLP1 to SLP4, and HMRC will contact employers. However, it is also possible for the employee to prompt the employer to change the plan type being used for repayment. This is important as the repayment thresholds are different across the different loan types. For 2021-22, the appropriate thresholds and repayment rates are as follows:

Plan type

Plan 1

Plan 2

Plan 4

Postgraduate

Earnings threshold

£19,895

£27,295

£25,000

£21,000

Rate of deduction applied to excess

9%

9%

9%

6%

An employer should not operate student loan deductions for off payroll workers, even if the status determination is that they are a deemed employee. Instead, the worker will make good the appropriate deductions via their self-assessment tax return.

The earnings that are subject to deductions is the NIable pay. This can be different from the taxable pay, for example where there is an optional remuneration arrangement in place. Additional earnings from commission, overtime, or bonuses increase the deductions accordingly.

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

  • Accounts and Taxation
  • Accounts prepared on time and presented to you at your premises
  • Income tax calculations and projections
  • Annual superannuation certificates for Partners
  • Practice manager training about bookkeeping
  • 2 - 4 meetings in a year at your premises
  • Personal expenses
  • Payroll
  • SD55 for practice staff
  • Installation and training in respect of practice computerised accounting system
  • Unlimited telephone and email support for adhoc queries

Non - recurrent Services

•VAT advice •Capital gains tax planning •Partnership agreements •Surgeries finances •Pension planning •Budget and cashflow planning •Inheritance Tax planning

Recurrent Annual Services based on fixed fee:

  • Accounts and Taxation
  • Accounts prepared on time and presented to you at your premises
  • Income tax calculations for Principles and Associates
  • Practice manager training about bookkeeping
  • 2-4 meetings in a year at your premises
  • Personal expenses
  • Payroll
  • SD55 for practice staff
  • Installation and training in respect of practice computerised accounting system
  • Unlimited telephone and email support for adhoc queries

Non - recurrent Services

  • VAT advice
  • Capital gains tax planning
  • Partnership agreements
  • Surgeries finances
  • Pension planning
  • Budget and cashflow planning
  • Inheritance Tax planning

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

Medical Practices

Our specialist team provides a wide range of accounting and business services to General Practice.

Recurrent Annual Services based on fixed fee:

Dental Surgeries

Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.

Recurrent Annual Services based on fixed fee: