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Is there any benefit in stopping CB payments now.
pete1975
Posts: 199 Forumite
hi all, ive been very lucky to be given a bonus/wage increase which will kick into effect in February 2022. its going to 8k which is amazing as i was wondering how we were going to get our daughters first car.
with taxable benefits my taxable income is just under 52k. I reduced my pay and pay more into my pension to get to this figure. But i cant drop any lower and still run the house and pay for bills as we pretty much covering everything but not leaving any money to buy anything else.
Wife claims CB for two daughters, the third daughters payment stopped in September when she went to Uni.
with the 8K coming in February pay packet, and self assessment i'm going to be over the threshold quite a bit and be required to and pay the CB benefit back to HMRC.
Is there any benefit of stopping the child benefit today so to speak, online. My salary is going to be over the 58K but i've based my sums on it being 52k
Shame i cant ask work to suspend the payment to the new tax year so i can stop the CB from then and take the money.
with taxable benefits my taxable income is just under 52k. I reduced my pay and pay more into my pension to get to this figure. But i cant drop any lower and still run the house and pay for bills as we pretty much covering everything but not leaving any money to buy anything else.
Wife claims CB for two daughters, the third daughters payment stopped in September when she went to Uni.
with the 8K coming in February pay packet, and self assessment i'm going to be over the threshold quite a bit and be required to and pay the CB benefit back to HMRC.
Is there any benefit of stopping the child benefit today so to speak, online. My salary is going to be over the 58K but i've based my sums on it being 52k
Shame i cant ask work to suspend the payment to the new tax year so i can stop the CB from then and take the money.
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Comments
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Is your wife in paid emplyment of any kind ?If not, and the youngest child is under 12, bear in mind that it is probably worth at least retaining the NI credits for her to build up her State Pension eligibilty even if you stop receiving the actual payment - I beleive there is a way of selecting this option1
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You won't have to pay back it all as it is on a sliding scale.
Put the payments you get from now into a separate bank account so you will have some money set aside to pay towards the CB charge.1 -
no shes not working and my youngest is 15 now. My wife does get the carers allowance for helping look after a family member with MS, so i believe she will get the NI credits for that.p00hsticks said:Is your wife in paid emplyment of any kind ?If not, and the youngest child is under 12, bear in mind that it is probably worth at least retaining the NI credits for her to build up her State Pension eligibilty even if you stop receiving the actual payment - I beleive there is a way of selecting this option
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out of interest does HRMC look at the taxable pay while the CB was being claimed, or just looks at the whole tax year?0
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