Child benefit - reducing income

MrC100

Hi,

I have filled in my self assessment form using the P60 up to April 2013. In this period I earned £60K, and I will therefore sacrifice the benefit.

Please can you help me understand what period I am paying this back for?

On my next P60, I will have £50K. This is reduced because I received a one off payment following a company acquisition that counted for the 12/13 period.

Q. Is HMRC using historical data to predict how much tax should be due in a different period?

I have opted to have my tax code altered to allow them to reclaim this money. Please can you tell me when this will be applied?

Any advice would be really welcome.

Thanks,
Neil

zagfles

So you'll need to repay the ch ben you got between Jan- 5 Apr, I think they adjust your tax code next tax year to reclaim it. But they'll probably also assume you'll earn £60k this year and so adjust your code to collect this too, so you need to tell them you only expect to earn £50k