Self-Assessment - Child Benefit / Ltd. Company

fiisch

My daughter arrived 23rd February 2018. At the time I was working as a contractor paying myself via a limited company. I didn't immediately start claiming child benefit, given that I thought I'd be above the £60k threshold for paying 100% back (although with the benefit of hindsight, given this was split between a lowish salary and the majority paid as dividends this may have been unwise).

On June 1st, I became a PAYE employer, on a salary of £59,000. I also started claiming child benefit around the same time. I make 5% salary sacrifice AVCs £56,050 net adjusted salary, although my bonus may push me over the threshold. Either way, I understand that for every £100 over £50k, I will owe 1% of the child benefit to the tax man.

My accountant has submitted a tax return for 2016-2017 tax year (for which I claimed 0 CB) and I've paid the outstanding tax bill. However, do I need to complete a self-assessment for this year, or is it next year I am meant to pay one?

At the time of writing I don't know what my bonus will be, and can only predict what I'll earn for the full year. When should I be completing the self-assessment to repay any monies owed?

If relevant, my wife is only part-time so below the tax threshold of £11k. Next tax year I intend to up my AVCs to try and retain more of the CB....

Any tips/pointers on when and how to complete self assessment much appreciated.

sheramber

You can complete your 2017/18 tax return after the start of the new tax year on 6 April 2018.

As you already submit returns HMRC will send out a notice to file after 6 April.

You will need to wait until you get your P60 from your employer so that you can enter the figures on your return.