If you have income of your own that you will 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 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 - this 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
These will be taken into account. However, certain disregards of income will also be used to reduce this amount. You can also use allowable expenses to further reduce this amount if necessary. The allowable expenses are:
- Income tax from employment and/or pensions
- National insurance Contributions
- Employee Pension Contributions
- Superannuation attracting tax relief (up to 15% of total gross income)
- Retirement annuities (up to 17.5% of total gross income)
- Loan interest (allowed for tax purposes normally if the person is self-employed)
- Professional Subscriptions
- Payments into a private pension scheme
We may also take expenses such as stakeholder pensions into account as an expense if they are shown on your P60 or payslip etc.
Also, 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 are a full time student, you are 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.