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
- Profits from Self-Employed
- Rental Income
- 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
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