Help with calculating tax underpayment

Jo1923

Can anyone help? For the year 20/21 I earned over 50k so when I did self assessment in Jan21 they altered my tax code to recoup the money I owed, 
21/22 I earned under 50k so when I did self assessment last month it was all good with zero estimated that I owe ,
now 22/23 I have claimed child benefit and looking at my tax on line account my predicted income was 50k but it’s gonna be around 58-59k, so I am gonna owe some money when I do assessment in Jan 24. My predicted this financial year is 55k so I have adjusted that on line - now can anyone roughly say how I would work out how much I owe back - as I would like to save over the year to pay this back  ? I am assuming pretty much all the child benefit - but how could I roughly work out the tax ?? 

Any help welcome 🙏 

Jeremy535897

Try using this:
https://www.gov.uk/child-benefit-tax-calculator

Dazed_and_C0nfused

Jo1923 said:

Can anyone help? For the year 20/21 I earned over 50k so when I did self assessment in Jan21 they altered my tax code to recoup the money I owed, 
21/22 I earned under 50k so when I did self assessment last month it was all good with zero estimated that I owe ,
now 22/23 I have claimed child benefit and looking at my tax on line account my predicted income was 50k but it’s gonna be around 58-59k, so I am gonna owe some money when I do assessment in Jan 24. My predicted this financial year is 55k so I have adjusted that on line - now can anyone roughly say how I would work out how much I owe back - as I would like to save over the year to pay this back  ? I am assuming pretty much all the child benefit - but how could I roughly work out the tax ?? 

Any help welcome 🙏 

First thing is it's not what your earnings are that matters with HICBC.

It's adjusted net income so if your £58-59k is earnings not taxable earnings then it might not be as bad as you think and pension contributions could well reduce your adjusted net income.

Does your tax code include an adjustment to collect extra tax towards the HICBC for the current tax year?

If not and your adjusted net income is £59k then you can expect to have to pay back 90% if the Child Benefit.

Don't forget all taxable income has to be factored in for adjusted net income purposes, even interest or dividends which get taxed at 0%.

Jo1923

When I go on my tax online it says upto now for my main job I have earned 42k I have 7k from some agency work as well but I think feb and March will tip me over with main job , I pay over £400 pension each month is that knocked off my total ?