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🔹️CHILD BENEFIT - AVOID PENALTIES🔹️

🔹️CHILD BENEFIT - AVOID PENALTIES🔹️

🔹️CHILD BENEFIT - AVOID PENALTIES🔹️

Posted: 21/05/2020

Not widely publicised after 2013 and not at the forefront of everyone's minds with all that is going on.

If you as an individual earned over £50k during the tax year and currently receive child benefit, this will impact how much, if any, child benefit you are entitled to.

Earnings from the following are included;
▫️Employment.
▫️Profits from self employment.
▫️Pensions.
▫️Income from Property, Savings and Dividends.

Things that usually catch you off guard are things like;
▪️Bonuses.
▪️Redundancy money above £30k tax free amount.
▪️Extra holiday pay.
▪️Overtime.
▪️Extra dividend payments.

If you have received too much, you need to ensure you let HMRC know.

HMRC will not get in touch with you until it's too late to make the repayment without incurring a fine. So check your figures and make the appropriate repayment if necessary.

#checkyourincome #childbenefitadjustment #supportingbusinessowners #knowyournumbers