If you are PAYE do you need to fill out a separate tax return for the High Income Child Benefit Charge? As I'm PAYE and all my tax deductions are done by my employer.
Thanks a lot. It’s a simple & easy understanding video for high income child benefit charges. How about a high level of savings? Will it affect the child benefit claims?
Hi Tony. I have a question in light of yesterdays new budget. I earn £64,000 a year. Do I still need to complete a self assessment tax return? I have been doing so each year since earning more than £50,000 however after yesterdays Budget announcement, can i stop doing the self assessment tax return? Advice will be much appreciated. Thank you
Good video. If I'm over the £50000 income threshold can I increase my contribution to Company pension scheme to bring income under £50000 and save tax on Child Benefit?
That was a terrific video and i now understand what my accountant is telling me, The gov tells us make sure you have a good pension in retirement, which i did and now i get hit with the higher charge on child benifits, is it worth claiming, well the second part of the video did tell me the answer YES my thanks for this video.
Thanks for making a simple and clear video 👍. If both husband and wife earn £49k each, I’m I right in thinking that there would be no charge on all their child benefits? Just to confirm for myself and any other folk who has the same thought?
Hi DFizzhill thank you for your question. You can go along to our Q&A section where you can post your question and get a response from a qualified accountant or chartered tax advisor >>> accountingtaxacademy.com/qa-section/
How can a self assessment for the higher charge equate to more than the child benefit amount? We are 1200 over the threshold yet HMRC online calculation via the tax return is asking for nearly £3000. HMRC can’t answer me. Please help!
Hi, my other half just start a job earning 56k. Am I right to assume the payable each year would be around 60 percent of the overall child benefit? Another question, if we decide to pay more into the pension (to bring it down to 49k) would this avoid the charge? Thanks
My partner has child tax credit. She is a single parent and has 2 children. I came to the UK last two years ago and decided to move in with her this 2020 and have a new born baby now. Just wanna know what should we do next. I'm in leave to remain so i don't have access to public funds. Will my partner get back charges if she don't declare that we are together. I stay at work most of the week due to i work in a mental health support accommodation. And will we get universal credit for child care? My salary and her salary is just normal wages and we are mortgaging a flat right now and paying for a car as well monthly. And its been tough and would really impact our financial situation if we have to pay full for child care.
I am trying to complete self assessment for 1st time. I really don't understand "adjusted net income" as it sounds like I can deduct my pension contributions but is misleading. Also, where do you actual submit your workings out? Surely you input what you have received in child benefit and your salary etc and it calculates the figure? The form is terrible.
'It makes more sense for the lower earner to apply for the child benefit, as any high income tax charge must be paid regardless of which one is claiming child benefit.... so if we are paying the charge regardless of who claims it, why does it matter who gets the child benefit? If i earn £55k and my wife earns £25k and she claims the child benefit, we will still be paying the charge on my earnings over £55k wages?
Hi GC! Thanks for tuning in, it makes more sense as the tax credits can be put towards a pension, naturally if you are the lower earner your pension contributions will be lower as a result.
Hi Oddgerðr Aurkonungr thank you for your question. You can go along to our Q&A section where you can post your question and get a response from a qualified accountant or chartered tax advisor >>> accountingtaxacademy.com/qa-section/
Please can someone help me with this question. My annual income is £25000 per year and my partners income is £26000 . So total house hold income is £51000 , how will this affect the Child benefit payments
No only one of you need to be earning over £50k and does get little complicated if you pay pension by salary sacrifice which reduces your tax. Also depends how many kids you got.
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If you are PAYE do you need to fill out a separate tax return for the High Income Child Benefit Charge? As I'm PAYE and all my tax deductions are done by my employer.
Yes you do, if you do not they won’t take the money back and can be charged a lot in late payments.
Thanks a lot. It’s a simple & easy understanding video for high income child benefit charges. How about a high level of savings? Will it affect the child benefit claims?
I’ve just tried to fill out my first self assessment for child benefit/high earner, and it has to be the most complicated process ever :(
Fair point Ryan 👍 The SA100 return is not the most intuitive
Hi Tony. I have a question in light of yesterdays new budget. I earn £64,000 a year. Do I still need to complete a self assessment tax return? I have been doing so each year since earning more than £50,000 however after yesterdays Budget announcement, can i stop doing the self assessment tax return? Advice will be much appreciated. Thank you
Can someone explain what national insurance credits are?
Good video. If I'm over the £50000 income threshold can I increase my contribution to Company pension scheme to bring income under £50000 and save tax on Child Benefit?
That was a terrific video and i now understand what my accountant is telling me, The gov tells us make sure you have a good pension in retirement, which i did and now i get hit with the higher charge on child benifits, is it worth claiming, well the second part of the video did tell me the answer YES my thanks for this video.
So glad we could be of assistance William! Thanks for watching :)
How do I count my income if I'm only receiving statutory maternity pay?
What happens when you become higher tax payer mid year? Shall I say we'd have to return half of it?
Thanks, If you are on PAYE is it still you responsibility to let HMRC know that you are elgiable for the Tax? Thanks
Hi Sebastian, in short yes it will always remain your responsibility to notify HMRC.
@@tonydCFO Thanks :-)
Thanks for making a simple and clear video 👍. If both husband and wife earn £49k each, I’m I right in thinking that there would be no charge on all their child benefits? Just to confirm for myself and any other folk who has the same thought?
Hi DFizzhill thank you for your question. You can go along to our Q&A section where you can post your question and get a response from a qualified accountant or chartered tax advisor >>> accountingtaxacademy.com/qa-section/
Yes
How can a self assessment for the higher charge equate to more than the child benefit amount? We are 1200 over the threshold yet HMRC online calculation via the tax return is asking for nearly £3000. HMRC can’t answer me. Please help!
Hi, my other half just start a job earning 56k. Am I right to assume the payable each year would be around 60 percent of the overall child benefit? Another question, if we decide to pay more into the pension (to bring it down to 49k) would this avoid the charge? Thanks
Yes
My partner has child tax credit. She is a single parent and has 2 children. I came to the UK last two years ago and decided to move in with her this 2020 and have a new born baby now. Just wanna know what should we do next. I'm in leave to remain so i don't have access to public funds. Will my partner get back charges if she don't declare that we are together. I stay at work most of the week due to i work in a mental health support accommodation. And will we get universal credit for child care? My salary and her salary is just normal wages and we are mortgaging a flat right now and paying for a car as well monthly. And its been tough and would really impact our financial situation if we have to pay full for child care.
Do stock sales count as income?
I am trying to complete self assessment for 1st time. I really don't understand "adjusted net income" as it sounds like I can deduct my pension contributions but is misleading. Also, where do you actual submit your workings out? Surely you input what you have received in child benefit and your salary etc and it calculates the figure? The form is terrible.
this is so true why anyone is not addressing this in the comment section?
'It makes more sense for the lower earner to apply for the child benefit, as any high income tax charge must be paid regardless of which one is claiming child benefit.... so if we are paying the charge regardless of who claims it, why does it matter who gets the child benefit?
If i earn £55k and my wife earns £25k and she claims the child benefit, we will still be paying the charge on my earnings over £55k wages?
Hi GC! Thanks for tuning in, it makes more sense as the tax credits can be put towards a pension, naturally if you are the lower earner your pension contributions will be lower as a result.
Not if you pay £5k+ into a pension.
what do i do when im commission based and earned 50k for 1 year!?
Hi Oddgerðr Aurkonungr thank you for your question. You can go along to our Q&A section where you can post your question and get a response from a qualified accountant or chartered tax advisor >>> accountingtaxacademy.com/qa-section/
Brilliant ! Thanks
You're welcome Ravi, thank you for your comment.
They should rename it, mothers benefits
Please can someone help me with this question.
My annual income is £25000 per year and my partners income is £26000 . So total house hold income is £51000 , how will this affect the Child benefit payments
No only one of you need to be earning over £50k and does get little complicated if you pay pension by salary sacrifice which reduces your tax. Also depends how many kids you got.