Had to pay back £3k plus I’ve now got complete self assessment for 2016 tax year which I’ll end up paying back £800 . Is it really worth the hassle of receiving child benefit!
Google higher income child benefit charge, it’s. a minefield but if you are receiving child benefit and you earn above £50k(inc company car value and bonus) you have to declare income via self assessment.
I've now registered for this and have till January 2018 to complete my return for tax year ending 16.
Once I've done it I'm contemplating stopping child benefit as it ain't worth it.
Child benefit - so you have got a letter
Ah right so if (you earn >£50K and claimed CB) you have to do a SA.(I think it tapers between £50K and £60K).Otherwise it's only if you hit the dizzy heights of £100K unless you have other things going on.
Yeah only if you claim child benefit.
Thing is when my son was born 2007 I was on £24k. Now he's 9 I'm on £46k plus package so I never knew about this charge and was stung badly.
Just trying to warn others
Exactly the problem I have with the system, it is highly unfair to single income high earners yet double low incomes can easily get it...I wish they just scrapped that whole system...
And the most annoying of all is they made me feel like a crook when I was trying to appeal the penalties they wanted to charge.
Completely wrong system
Did you actually get penalised?Vs. having to give some benefits back?When I went over I just got a bill for a refund.
Although don't get me started on the state paying people to have children.....data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7
I had to pay back CB for every tax year I was over £50k. It's calculated at every £100 over the £50k total.
For 3 years it totalled £1800 plus they charged me penalties for being late with self assessment of £389. Could have been alot worse as they have the right to charge 100% penalties.
Ruined my plans for next year as they were my Disney world savings which is now cancelled.
Bummer