HMRC alert for parents earning between £60,000 and £80,000
5 Articles
5 Articles
HMRC alert: Parents 'caught out' by hidden charge under £60,000 tax rule as Britons risk losing Child Benefit
Tax experts are sending out a warning to millions of parents as HM Revenue and Customs (HMRC) rules are losing families hundreds of much-needed pounds.Parents with incomes falling between £60,000 and £80,000 are being advised to review whether they owe repayments on their Child Benefit through the High Income Child Benefit Charge.The charge applies when either parent or partner receiving Child Benefit has an adjusted net income exceeding £60,000…
Smailes Goldie
Secured the raise – Keeping an eye on your eligibility for the High-Income Child Benefit Charge
If you have been one of the lucky ones to secure a pay rise this year, be mindful that the High‑Income Child Benefit Charge (HICBC) does not crash the party. How does HICBC work? The HICBC can kick in if either you or your partner earns more than £60,000 a year and Child Benefit is still being claimed. Once you cross this threshold, HMRC will start to recover some of the HICBC. It does not matter which of you claims the Child Benefit, as it will…
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