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The child benefit charge was introduced in 2013 and affect over 1 million families. If you or your partner earn an adjusted income of over £50,000 your child benefits could be cut. Adjusted income is your total taxable income before personal allowances, less gift aid and pension contributions.
The child benefit charge will affect you whether the child living with you is yours or not. If your adjusted income is over £60,000 the charge is 100%, meaning you won’t receive any child benefits.
For those with an adjusted income between £50,000 – £60,000, the charge is 1% for every £100 that exceeds £50,000. The amount is then multiplied by the child benefit claimed in respect of the children.
Child benefit continues to be paid at £20.70 a week for the eldest child and £13.70 for each additional child.
There are a number of ways you can reduce your adjected income.
You can either opt out of child benefits; though this may affect your state pension – click here to read more. Or you can pay extra tax through self-assessment.
If you would like further assistance please contact us on 01295 477 250 alternatively you can email email@example.com.