Higher Child Benefit Charge

Higher Child Benefit Charge

This started on 2013.

If either partner earns over £50,000 then Higher Child Benefit Charge will apply.

Please note if each person in a relationship earned up to £49,999 in a Tax Year then the Higher Child Benefit Charge would not apply

Please note if either partner earns over £60,000 then the full Child Benefit received would have to be returned and ideally cancel all future Child Benefit Claims

Please note when assessing whether the Total Gross has exceeded £50,000 the following will be taken into account

- Salary

- Profits from Self-Employed

- Rental Income

- Dividends

- Any other income, which is taxable

There are ways to reduce to reduce below the threshold such

- Gift Aid Donations

- Private Pensions

- Trading Loss/Rental Property Loss Relief

We would advise to register for Self-Assessment if the above applies to you and your Total Gross Income or expected income has exceeded £50,000 in the Tax Year 22-23 or even prior Tax Years and the Higher Child Benefit Charge has not been taken into account.

Please feel free to reach out for a free initial consultation

Tel: 01212852534

Web Add: www.secureaccountsltd.co.uk