Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 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
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179K Life & Family
- 263.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards