Self Assessment for High Income Child Benefit

in Cutting tax
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ImogensDadImogensDad Forumite
2 Posts
First Post
Newbie
Hi all with regards to completing a self assessment for the purposes of child benefit for someone that earns over £50000 does that apply for the previous tax year ?

For example in the tax year 21/22 I did not earn more than £50000.  But in this current tax year 22/23 I will earn over £55000.   So my question is at the end of this year do I need to do a self assessment for the purposes of child benefit or would this new salary be on next years?

apolgies if this does not make sense.

Replies

  • Dazed_and_C0nfusedDazed_and_C0nfused Forumite
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    It's not what you "earn" that matters.

    HICBC is based on adjusted net income which factors in pension contributions and other taxable income.

    So you could easily earn say £55,000 but only have taxable (and adjusted net) income of £50,000.

    If you are liable then you fill in the tax return for the tax year in question.  You have to register for Self Assessment and file the return by 31 January after the end of the tax year in question.

    So for 2022:23 you would need to file the return by 31 January 2024.
  • Jeremy535897Jeremy535897 Forumite
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    But you should register for self assessment by 5 October 2023. See:
    https://www.gov.uk/self-assessment-tax-returns/deadlines
  • ImogensDadImogensDad Forumite
    2 Posts
    First Post
    Newbie
    Thankyou both for clarifying this for me.  My intention is to increase pension contributions via my workplace to bring me under the earning threshold for the HICBC.
  • Dazed_and_C0nfusedDazed_and_C0nfused Forumite
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    If you are paying higher rate tax and making "relief at source" pension contributions them you will need to claim any higher rate tax relief due yourself from HMRC.

    Relief at source contributions are where the pension company adds 25% to the amount you pay.

    For example you pay £800 then they will add £200 making a gross contribution of £1,000.
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