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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
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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
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