Child benefit changes Q and A – how the £50,000 income limit may affect your child benefit
How are you affected by the child benefit changes - will you have to pay tax or stop claiming child benefit?
The government’s child benefit changes that were introduced in January 2013 are not the most straightforward. I’ve written an article that’s a basic guide to the child benefit changes, but I’ve also had lots of questions about what counts towards the £50,000 income threshold and what happens if your partner won’t tell you about his or her finances and who pays the tax charge if a new partner moves in.
The deadline for renewing your tax credits has been extended to August 6th Don't miss the deadline.
If you need to renew your tax credit claim, make sure you contact the tax credit helpline in time
If you claim tax credits you should normally renew your claim by July 31st, unless your renewal pack gives you a different deadline). However, because of industrial action taking place today and tomorrow, HM Revenue and Customs have extended the deadline until August 6th. What's involved in renewing your claim?
Child benefit changes; if you or your partner earns over £50,000 a year, what should you do?
Households where one partner earns £50,000 or more will have to pay extra tax or give up child benefit.
From January 2013, if you or your partner earns over £50,000 a year and you live together, you aren't entitled to the full rate of child benefit. Instead child benefit will be clawed back through a tax charge. The main thing to remember is that even if you or your partner earn more than £60,000, you should make sure you receive National Insurance credits.