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Child benefit/self assessment
StartingOut
Posts: 35 Forumite
in Cutting tax
Hi
I just wondered if anyone can help. This tax year, it looks like I'm going to be near/over the threshold for not being entitled to CB. Base salary is over the £50k threshold but childcare vouchers and pension contributions bring it under. However, I'm due a bonus and a pay rise in September - still to be confirmed but after ccv and pension it's likely that my full salary for 2015/2016 will be just under (maybe just a bit over), the £60k threshold.
I understand this means that I'll owe some (if not all) of our 2015/2016 child benefit (two children) back/through tax.
I am and have always been PAYE and only just tipped into the 40% bracket in 2014/15. So I have no idea what I need to do. Does SA come into play now? If so, when do I need to register for 2015/16? I'm sorry if this sounds ignorant but I've never had to deal with it before and want to make sure I've done what I need to do.
Thanks
I just wondered if anyone can help. This tax year, it looks like I'm going to be near/over the threshold for not being entitled to CB. Base salary is over the £50k threshold but childcare vouchers and pension contributions bring it under. However, I'm due a bonus and a pay rise in September - still to be confirmed but after ccv and pension it's likely that my full salary for 2015/2016 will be just under (maybe just a bit over), the £60k threshold.
I understand this means that I'll owe some (if not all) of our 2015/2016 child benefit (two children) back/through tax.
I am and have always been PAYE and only just tipped into the 40% bracket in 2014/15. So I have no idea what I need to do. Does SA come into play now? If so, when do I need to register for 2015/16? I'm sorry if this sounds ignorant but I've never had to deal with it before and want to make sure I've done what I need to do.
Thanks
0
Comments
-
Make a contribution to your pension scheme to reduce your adjusted net income by the relevant amount?
http://www.telegraph.co.uk/finance/personalfinance/tax/9781037/Child-benefit-how-to-beat-the-tax.html0
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