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Redundancy and Child Benefit Question

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Katokato
Katokato Posts: 1 Newbie
in Redundancy & redundancy planning
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

Comments

  • daveyjp
    daveyjp Posts: 13,485 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 20 July 2020 at 11:53AM
    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.
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