Who can help?

Hi,

I wonder if anyone can help.

I am currently applying for student finance as an independent student (with three dependent children 1,3 & 7). My husband and I are directors of a limited business. We both receive a salary and dividends. We receive child benefit, use tax free childcare, receive 30 free hours for our middle child.

The thing is, I understand that the figures I use for applying is the income from the last full tax year (22/23), our income in that year was greater than it has been since (and will be) as the business has been declining which is one of the reasons I am going to uni to retrain. This figure will affect the student loan and potentially grants I could receive.

I need advice and I don’t know who to ask! Are there specialists to who can advise? An independent accountant?

Many thanks

Reply 1

Calum SLC

Official Rep

Hi KBattams,

If you are making a 24/25 application and your household income has reduced by 15% or more since the 22/23 tax year you can complete a Current Year Income form with estimates of your income for the current tax year. We will then base your entitlement on these estimated figures.

Please give us a call on 0300 100 0607 or start a live chat through your online account so we can issue you with a copy of this form.

Thanks,
Calum

Reply 2

KBattams

Thank you.

As a follow on from the above, I was hoping I would qualify for a childcare grant but to apply for this I need to confirm that we are not currently receiving tax free childcare which we are currently but we would stop this if I was eligible for a childcare grant. I can’t stop this now as my children are in childcare until the summer holidays. What’s the best way to go about this?

Reply 3

Ross SLC

Official Rep

Original post by KBattams

Thank you.
As a follow on from the above, I was hoping I would qualify for a childcare grant but to apply for this I need to confirm that we are not currently receiving tax free childcare which we are currently but we would stop this if I was eligible for a childcare grant. I can’t stop this now as my children are in childcare until the summer holidays. What’s the best way to go about this?

Hi there,

To be eligible, you or your partner should not be in receipt of Tax-Free Childcare from HMRC (separate from the 15/30 ours free) do you receive any other element of Childcare?

Thanks, Ross

Reply 4

KBattams

Hi Ross,

We receive tax free childcare and 30 free hours for our 3 year old (1 year old will receive these sept ‘25) we would/will stop the tax free childcare after the summer term (July) and not be receiving this in sept but I want to do my finance application now, before the deadline. Or should I apply without the application for PLA/ childcare grant now and apply for these in July after stopping the tax free childcare?

Reply 5

Graeme SFE

Official Rep

Original post by KBattams

Thank you.
As a follow on from the above, I was hoping I would qualify for a childcare grant but to apply for this I need to confirm that we are not currently receiving tax free childcare which we are currently but we would stop this if I was eligible for a childcare grant. I can’t stop this now as my children are in childcare until the summer holidays. What’s the best way to go about this?

Hi there,

So long as you intend not to claim tax free childcare during the academic year then you're fine to indicate this on the application.

Thanks, Graeme