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Cutting tax ... return !
uklloydi
Posts: 4 Newbie
Not really sure of best forum for this question. This is not exactly about cutting tax, but sort of related.
Since a few years ago, I have had to complete a tax self assessment because I was earning above a certain amount and was receiving child benefit. It now appears that the charge I pay for child benefit is almost as much as they send through each month, so I'm thinking of:
a) stopping the child benefit payments
b) stopping completing a tax self assessment each year (it's a pain in the !!!! and besides this child benefit stuff, I have very simple tax affairs, as in it's always been fine to let work PAYE take care of things, no property investments, shares etc etc)
Is it even possible to stop doing annual self assessment once you've started doing it?
The main thing I want to avoid is having the money paid in monthly, me not give it a second thought and then later get stung for the child benefit charge in one go. I'm basically handing most of it back in one go.
Any thoughts/help appreciated
Since a few years ago, I have had to complete a tax self assessment because I was earning above a certain amount and was receiving child benefit. It now appears that the charge I pay for child benefit is almost as much as they send through each month, so I'm thinking of:
a) stopping the child benefit payments
b) stopping completing a tax self assessment each year (it's a pain in the !!!! and besides this child benefit stuff, I have very simple tax affairs, as in it's always been fine to let work PAYE take care of things, no property investments, shares etc etc)
Is it even possible to stop doing annual self assessment once you've started doing it?
The main thing I want to avoid is having the money paid in monthly, me not give it a second thought and then later get stung for the child benefit charge in one go. I'm basically handing most of it back in one go.
Any thoughts/help appreciated
0
Comments
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If you deregister for child benefit and inform HMRC they should stop requesting a tax return. If they do still send a notice to file one you should be able to get them to rescind it.0
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Would it not be worth reducing your income by making additional pension payments? You're no worse off now if you do, and better off in future.Signature removed for peace of mind0
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agree - dont lose the benefit, pay more into your pension.
free monehz!0 -
If you have a partner who is actually looking after the children and not working it may be worth them retaining the child benefit so as to earn them NI credits for future pension.0
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p00hsticks wrote: »If you have a partner who is actually looking after the children and not working it may be worth them retaining the child benefit so as to earn them NI credits for future pension.
You can opt out of receiving the money but still be registered for NI CREDITS0 -
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