High income child benefit charge - working out adjusted income

Fewie

Hi all, I am wondering if you can help me?  Ive been a PAYE tax payer all my life and never had to submit a self assessment of any kind.  However with a recent pay rise I fear that I now trip into the HICBC threshold.

I’ve only just realised this applies to tax year 2019-20 and the deadline to submit my return is tomorrow and I aren’t even registered yet!  I’ll deal with that when I can.  

My question for now is how do I work out my adjusted income?  Is it simply “total for year” figure expressed on my P60?  Or do I take that figure and then deduct my pensions contributions and child care/cycle to work payments which are all made as “salary sacrifice” payments? 

 

Ive tried to use the calculator on the HMRC website but the terminology for what can be deducted doesn’t make sense to me.

thanks in advance.

sheramber

if you pay by salary sacrifice then they are already deducted on your P60. 
 

Dazed_and_C0nfused

And the 31 January filing deadline only applies to those people who have been sent a return or notice to file a return.

You cannot be issued with a late filing penalty if you haven't been asked to file a return.

But you can be charged interest for anything paid after the 31 January so if you are liable you should register for Self Assessment as soon as possible.

It is always better to voluntarily register rather than HMRC come after for you failing to register.