High Income Child Benefit - confused!

downhillfast

Hi everyone!

I'm hoping you guys can help me work out what I need to do as https://www.gov.uk is as clear as mud!

I'm PAYE and have not filed a SA Tax Return since closing a previous business 11 years ago.

I've just been given a payrise that takes me a few hundred pounds short of £50k. I'm also expecting a bonus... and during the year I will get additional payments for OT for bank holidays worked etc. Within my employment I also receive medical insurance as a benefit that I just pay the tax on.

So what I am saying is that it is highly likely that during 2018/2019 I will breach the £50k income!

Do I need to inform HMRC now?
Or is it just a case of paying the tax retrospectively at the end of the tax year through SA?
If so then how do I work out a ballpark figure of how much to put away for this tax as the calculator is only geared up for previous years' calculations?
Is it actually worth claiming CB? At what level of income does it become pointless ie you pay all of it back in tax?

Sorry for all the questions but it all just seems overly confusing! I just don't want to end up like one of the horror stories I've read on here where HMRC are clawing it back plus additional fines!

Thanks in advance

sheramber

there is calculator here

https://www.gov.uk/child-benefit-tax-charge

haras_nosirrah

Can you pay your bonus into your pension to avoid the charge?

xylophone

Additional pension contributions?

https://www.unbiased.co.uk/news/tax/how-to-avoid-the-child-benefit-tax-charge

https://www.theguardian.com/money/2013/sep/28/child-benefit-pension-contributions-higher-earners