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PH NEWS

Child Benefit

Thousands of families are being chased by the taxman after they failed to repay child benefit that they had received but were not entitled to keep.

Since January 2013, parents who earn more than £50,000 a year have been required to pay back some of the child benefit they receive from the Government. Those with a salary of £60,000 or more must return the whole payment.

Repaying the child benefit requires the parents affected to submit a self-assessment tax return. However, thousands of parents have failed to do so and are now being contacted by HMRC.

 

While the basic concept of the high-income child benefit charge is quite easy to understand, its implementation is particularly confusing and leaves higher-earning parents wondering whether they should stop receiving child benefit or continue to take it and then face a tax charge.

For further information please click here.

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