Child benefit: Just checked my latest payslip and I've just crept over the 50k taxable pay

prufrock

Hello all,

I have not historically filled in a tax self-assessment. I have earned over 50k gross (PAYE) for the past few years but taxable pay has been sub 50k thanks to additional voluntary contributions to pension and childcare vouchers. However in my latest payslip I noticed my taxable pay is just under 51k. Can anyone explain to me what I need to do? Should I have completed a self-assessment form or do I need to complete one for next year? My medium term plan is to increase my AVCs so that next year I am back under 50k.

Any help of advice would be much appreciated! : )

Dazed_and_C0nfused

Should I have completed a self-assessment form or do I need to complete one for next year? 

Based on your post on you probably shouldn't have completed one however taxable income isn't all that matters, you need to read up on adjusted net income as it is this that determines the High Income Child Benefit Charge.

But it looks like you will need to complete one for the 2020:21 tax year.  You should register for Self Assessment and then HMRC will send you a notice to file a return.  

That's assuming you aren't going to make a contribution to a SIPP or personal pension before 6 April 2021 which brings your ANI below £50,100.

prufrock

Thanks for the advice

prufrock

Thanks again Dazed_and_C0nfused having read up now and thanks to my charity giving (gift-aid) my adjusted net income will still be below the 50k threshold! I presume I will still have to fill in the forms to show this but -hopefully- they are easy enough to do!