If you have income of your own you'll receive during the academic year, this may be taken into account in the assessment of your NHS Bursary entitlement.
If you receive income from other sources, these will be taken into account if they're taxable, such as:
- self-employment income or profits
- pensions
- bank or building society interest
- income from renting out property or from a lodger - we would use the taxable profit which is the income after the deduction of expenses such as mortgage repayments, repairs and letting agent fees and any loss brought forward to be used against the relevant years profits
- dividends
- taxable benefits
- maintenance payments for yourself
Certain disregards of income will also be used to reduce this amount.
You can use allowable expenses to further reduce this amount if necessary.
The allowable expenses are:
- Income tax from employment or pension
- National Insurance contributions
- employee Pension contribution
- superannuation attracting tax relief, up to 15% of total gross incom
- retirement annuities, up to 17.5% of total gross incom
- loan interest, allowed for tax purposes normally if the person is self-employe
- professional subscription
- payments into a private pension scheme
We may also take expenses such as stakeholder pensions into account as an expense if they're shown on your P60 or payslip.
Although domestic help is requested as an expense on the application, this is no longer taken into account in the assessment.
Any income remaining after the application of disregards reduces the bursary entitlement pound for pound.
If you're a full-time student, you're not required to declare any income from employment or self-employment and we would not use the income tax, National Insurance or employee pension contributions in the calculation.