Student finance - self employed parents

(4 Posts)
glitterbiscuits Sun 03-Mar-19 16:31:18

Has anyone got any advice on what they ask for?
Do we need to send in accountant statements or just profit figures?
Also do they take in to account child benefits, tax credit etc?
Is it a complicated process every time or are the second and third years more simple. My DC will be off to Uni in consecutive years. Im going to be broke!

OP’s posts: |
AutumnCrow Sun 03-Mar-19 16:37:41

They ask for the same information you give on your HMRC self-assessment tax return. And similarly for HMRC tax credits.

In other words, income not capital. So you have to declare income that is interest from savings, and earned income - but not the savings themselves, nor ISA interest, not premium bond prizes.

glitterbiscuits Mon 04-Mar-19 12:49:11

Thanks Autumn that sounds suspiciously easy!

OP’s posts: |
DOLLYDAYDREAMER Tue 05-Mar-19 19:02:32

We use the figure that our accountant puts on our self assesment tax return as our earnings from self employment. there is a box on the student finance website to put in any pension contributions you have made to reduce your income. also they make a reduction for any other children you support. child benefit not relevant. not sure about tax credits. any earnings your children have also not counted unless its like full time wage. easier for subsequent years for same child. other child is a totally new claim but information would be roughly similar.

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