Loan repayment for self-employed overseas Watch
I've been working on a self-employed basis for the past six months, first in Czech Republic and now in Poland.
A few months ago I have sent my Overseas Income Assessment Form. I have indicated that I am within my first year of self-employment and have later received a letter stating that I do not need to provide any further evidence. However, there was also an information that for the subsequent years, I will need to provide evidence of my income. Either by showing my financial accounts, or a letter from my accountant.
I felt that asking an accountant to write me a letter in English would be the easiest. However, I am not sure what information to include on such letter.
Here is something that I came up with:
1. Total income earned in Czech Republic
2. Period in which I have earned said income
3. Student finance customer reference number
4. Name and address of the accounting company that processed my tax returns along with their signatures.
Would such information be sufficient?
In addition, I can supply copies of my financial records, Czech income tax return and contract (in English) with the company I had worked for.
Secondly, in my original Overseas Income Assessment Form I stated only my income for the time I was expected to stay in Czech Republic. It was below the overseas income threshold and I received a letter stating that I do not need to repay anything until October of 2015.
However, I have now moved to my home in Poland and I will be continuing working from there, once again as self-employed. As a result, my income for this year will now exceed the threshold for Czech Republic and Poland .
How do I inform Student Finance of this change? Can I simply send them another Overseas Income Assessment form along with a letter describing my situation?
I realize that these questions might be a bit confusing, but unfortunately, the information about overseas repayments is a bit scarce. I would like to make sure that everything is in order in case I move back to work in the UK again.
Thank you very much for your help!
Yes that all sounds fine.
First of all, now your circumstances have changed it would be best to send us a new overseas assessment form so we can reassess you in case you should be making repayments. You can download a new form here:
We will require evidence of your income along with the form, so a letter from your accountant would be perfect.
As long as it is on headed paper or stamped by the accountants, and it includes your annual income, along with your personal details (customer reference number, name, address, date of birth) that should be fine. We really just need it as proof of your income so we know the income figure you have provided on the form is correct.
Thank you for your swift reply! That's everything I needed to know