Child benefit tax penalties

HMRC is expecting to levy ‘child benefit tax penalties’ to thousands of households where at least one taxpayer has income in excess £50,000 yet the family is still in receipt of child benefit. From 7 January 2013, Chancellor Osborne scrapped child benefit for those earning in excess of £60,000 with those earning between £50k & £60k receiving only a proportion of the … Read More

Act to retain your child benefit and child tax credits

For those still in receipt of child benefit and/or child tax credits, you may be at risk of losing these amounts unless you correctly notify HMRC of your child’s circumstances. Child benefit stops on the 31st August following a child’s 16th birthday unless they remain in education or training. The same applies to the child tax credit. However, the payments can only continue provided … Read More

Missed the Child Benefit ‘deadline’?

Individuals with taxable income of  more than £50,000 a year will see a reduction in their entitlement to Child Benefit from 7 January 2013 under new government changes. Those with taxable income of more than £60,000 will lose the benefit completely. The deadline to request a stop to payments has now passed and so anyone with income in excess of £50,000 and in receipt of … Read More