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    Hi,

    I have a Plan 1 loan from SFE and I'm currently working overseas in Spain. But in the summer I'll be moving to work in China.

    I've just sent off my annual reassessment, which should say that I'm earning too little to payback, but I'm unsure what to do when summer comes.

    The threshold for annual income for China is currently £7005 and I'll be there on a 1 year contract which will probably work out just above that.

    Should I notify SFE this summer.... or wait until my annual reassessment next January/February? The repayment guidelines say that you "can" apply for reassessment but don't say that it's necessary to. And I'm wary of having more contact with SFE than absolutely necessary as they're usually useless.

    Also, can you confirm how my income is assessed? I know that if I'm in the UK it's based on earnings within a tax year. And whilst over the 12 months I'm in China I'll be earning just above the annual limit for China, if we split it into tax years, I'll be under the limit, even taking into account any money earned in Spain. So will I need to pay back?

    Or for tax year 2016/17 will they take into account my last 2 months earnings in Spain, and then the first half of my China earnings?

    If I am asked to pay back, does this also work like UK-based earnings where I can apply for a refund at the end of the tax year if I can show my total income was less than the threshold?

    Thank you so much for your help - I've read every guide I can online and none of them were particularly clear about this!
    • Official TSR Representative
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    Hi Sophia5892

    You must inform us of any changes to income so once you have you contract for working in China, please send a new overseas form with a copy of your contract. Your repayments will be calculated on on this income from that point on-wards and a new assessment in place for 12 months based on this salary.

    if you need further help please call: 0044 141 243 3660

    Thanks
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    (Original post by Pamela SFE)
    Hi Sophia5892

    You must inform us of any changes to income so once you have you contract for working in China, please send a new overseas form with a copy of your contract. Your repayments will be calculated on on this income from that point on-wards and a new assessment in place for 12 months based on this salary.

    if you need further help please call: 0044 141 243 3660

    Thanks
    Sorry for being so slow to reply - I thought I still got email notifications from this site!

    So does that mean my total income will not be calculated according to the tax year? In which case I will have to pay back?

    I'll make sure to send my contract as soon as everything is finalised.

    Thank you for your help and sorry to be a bother.
    • Official TSR Representative
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    Hi Sophia5892

    We will take your new income details from the new employment to calculate what your yearly income will be from that point in time and the overseas schedule runs for 12 months from when its processed.

    Thanks
 
 
 
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