Current year income, finalisation assessments
As the tax year has ended, we’re now carrying out the current year income finalisation assessments for the academic year 2020/21. However, if you’re not able to provide what we ask for we’ve created some advice that may relate to your situation below.
If you have zero income to declare
You’ll still need to return the Financial Information Confirmation form and include a note declaring your zero income. Once we receive your form, we will send you a letter along with a form to clarify the households financial situation with details of any non-taxable income received. We’ll also ask for evidence to confirm how you supported yourself through the financial year.
If you have been furloughed due to the COVID-19 pandemic
You’ll need to complete the Financial Information Confirmation form and return this along with your financial evidence for tax year 2020-21. For example, you can send your P60, month 12 or final week payslip.
If you have had multiple employers during the tax year 2020-21
You’ll need to complete the Financial Information Confirmation form confirming all sources of taxable income and return this along with financial evidence from each of your employers. For example, you can submit a copy of your most recent P60. However, if you don’t have this yet, you can submit a copy of your month 12 or final week payslip and if you’ve had more than one job in the year, you can submit a copy of your P45.
If a sponsor is deceased after a current year income assessment has been awarded
If, after a current year income assessment has been awarded a sponsors dies, in the academic years where the current year income figures are being used we will need to prorate the income of the sponsor(s) no longer supporting the application.
You will need to submit your sponsors death certificate and financial evidence to finalise the current year income. If the student has more than one sponsor, the remaining sponsor would need to provide financial evidence for the deceased sponsor. If they are unable to be provide this evidence then we would prorate the deceased sponsor’s estimated CYI figures.
If the student is returning to their studies in academic year 2021/22 and your income has dropped by 15% or more
You can complete another Current Year Income form for academic year 2021/22. The process will be the same as before. You’ll need to tell us what your estimated income will be for the tax year 2021-22 and at the end of the tax year, complete the Financial Information Confirmation form and send your financial evidence when we request this.
You can download and complete the Current Year Income form then upload this via your online account.