Child Benefit Repayments Changing for Thousands This Summer - Rotherham Taylor Chartered Accountants

Child Benefit repayments changing for thousands this summer - Rotherham Taylor Chartered Accountants

The way families make Child Benefit repayments to HM Revenue & Customs (HMRC) is changing. From the summer, many families will have the option to report their Child Benefit payments and pay the High Income Child Benefit Charge (HICBC) directly through their PAYE tax code instead of filing a Self-Assessment tax return. How will it work? For eligible employed parents, the option to pay directly through PAYE will be simpler compared to Self-Assessm…

How to keep Child Benefit and retire richer despite the High Income Child Benefit Charge

Perhaps the only best perk of having kids in the UK is that the state gives you free money. However since 2013, the icily-named High Income Child Benefit Charge (HICBC) has tapered payouts for households where either partner’s income is above a certain threshold. This income threshold is currently £60,000 a year. Above that level Child Benefit is tapered via the HICBC at a rate of: 1% of the Child Benefit is repaid for every £200 of income abov…