Drop in family income

Hello, my daughter is starting at university in September and we're getting ready to apply for finance.

The tax year income that applies to our application is 2021/22. However, we've had a significant drop in income in the 2022/23 tax year and can support this with a completed tax return.

As far as I can tell, the supporting evidence requested for an income review is 2023/24 - however, this is the tax year that has just begun and my self employment can vary greatly from year to year, so I am unable to say whether we will also have a significant drop this year.

Please could you let me know if I could just show evidence from my 22/23 tax return?

Original post by Crichan

Hello, my daughter is starting at university in September and we're getting ready to apply for finance.

The tax year income that applies to our application is 2021/22. However, we've had a significant drop in income in the 2022/23 tax year and can support this with a completed tax return.

As far as I can tell, the supporting evidence requested for an income review is 2023/24 - however, this is the tax year that has just begun and my self employment can vary greatly from year to year, so I am unable to say whether we will also have a significant drop this year.

Please could you let me know if I could just show evidence from my 22/23 tax return?

Hi there,

We're not able to use your 22/23 income, unfortunately. Like you said, however, we can certainly take a potential drop in 23/24 into account using the Current Year Income (CYI) form: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1149325/sfe_cyi_form_2324_o.pdf

If you'd like to do this you should give us your best guess for what you'll earn in the current tax year. If this changes later on you can always submit an updated CYI form and we'll update the figures.

Thanks, Graeme

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Crichan

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