Since April, HMRC has been sharing Pay As You Earn student loan repayment information with Student Loan Company (SLC) more frequently.
HMRC’s Agent Update 72 confirms that the initiative has now been successfully running for two months, with HMRC sharing data with SLC on a weekly basis.
“Employers should continue to report their employee’s student loan and postgraduate loan deductions to HMRC in the same way as they currently do,” states the update. “HMRC send the information reported on the full payment submission to SLC who will update the employee’s student loan balance based on the date and amount that has been reported.”
HMRC notes that, since SLC and the employee will have greater visibility of this information, it is important that accurate and timely deductions are made as the employee may ask their employer to check and confirm the information if there are discrepancies.
