High income child benefit charge – HMRC errors

If you have individual income in excess of £50,000, you may have to pay the ‘high income child benefit charge’. This depends on whether or not you or your partner is in receipt of child benefit. If you’ve received correspondence from HMRC asking you to amend your tax return for an overpayment of child benefit, don’t be too hasty to … Read More

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

Receive Child Benefit and earn more than £50k?

If your net adjusted income is more than £50,000 and you or your partner are in receipt of Child Benefit, you’ll need to register for Self Assessment before 5 October. The changes were introduced on Jan 7 2013 and from this date effectively remove Child Benefit completely from those with income in excess of £60,000 pa. Those with income between … 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