We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Redundancy and Child Benefit Question
Katokato
Posts: 1 Newbie
Hello
I just wondered if anyone can help...
I was recently made redundant following mat leave. If a redundancy payment was over £50k would this mean I should opt to not claim Child Benefit. I know that the first portion of the redundancy payment was tax free but I am unsure as to how this translates into claiming child benefit.
I have gone on to set up my own company but I am currently not taking a wage from that until things are up and running and have used a large portion of the money to set things up so just want to make sure I am budgeting correctly.
Thanks
I just wondered if anyone can help...
I was recently made redundant following mat leave. If a redundancy payment was over £50k would this mean I should opt to not claim Child Benefit. I know that the first portion of the redundancy payment was tax free but I am unsure as to how this translates into claiming child benefit.
I have gone on to set up my own company but I am currently not taking a wage from that until things are up and running and have used a large portion of the money to set things up so just want to make sure I am budgeting correctly.
Thanks
0
Comments
-
I wouldn't opt out at all. Save the CB payments and complete a tax return.
If repayment is due it will be calculated for you and you use the saved CB to pay the tax bill.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.5K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards