Salary just gone above 50k should I cancel my child benefits?

I know once you go above 50k the benefit changes but in this tax year I have not hit 50 yet. Will I be ok to carry on the child benefit until I get to 50k on my payslip or should I cancel straight away? Or is it best to carry on. I really can’t be bothered doing self assessment.

Thanks in advance. Hopefully this specific question has not already been asked. Apologies if so.
Software developer

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  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 12,737
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    jamest88 said:
    I know once you go above 50k the benefit changes but in this tax year I have not hit 50 yet. Will I be ok to carry on the child benefit until I get to 50k on my payslip or should I cancel straight away? Or is it best to carry on. I really can’t be bothered doing self assessment.

    Thanks in advance. Hopefully this specific question has not already been asked. Apologies if so.
    You only have to pay back all Child Benefit if your adjusted net income (ANI) hits £60k.

    For lots of people ANI is less than their taxable income because of pension contributions.

    What do you think your next P60 will show your taxable income as?

    Do you have any other taxable income?
  • Alice_Holt
    Alice_Holt Posts: 5,852
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    jamest88 said:
    I know once you go above 50k the benefit changes but in this tax year I have not hit 50 yet. Will I be ok to carry on the child benefit until I get to 50k on my payslip or should I cancel straight away? Or is it best to carry on. I really can’t be bothered doing self assessment.

         No,  £50k (of adjusted net income) doesn't end CB - only reduces it.

          Importantly, if your partner is getting the associated NI credits, stopping CB may cause a State Pension shortfall for her. 

        I'd strongly suggest you do some research and consider it further (armed with greater knowledge) to prevent any ill-advised actions.
        https://www.gov.uk/child-benefit-tax-charge   - as a starting point.
    Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.
  • sheramber
    sheramber Posts: 18,618
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    jamest88 said:
    I know once you go above 50k the benefit changes but in this tax year I have not hit 50 yet. Will I be ok to carry on the child benefit until I get to 50k on my payslip or should I cancel straight away? Or is it best to carry on. I really can’t be bothered doing self assessment.

         No,  £50k (of adjusted net income) doesn't end CB - only reduces it.

          Importantly, if your partner is getting the associated NI credits, stopping CB may cause a State Pension shortfall for her. 

        I'd strongly suggest you do some research and consider it further (armed with greater knowledge) to prevent any ill-advised actions.
        https://www.gov.uk/child-benefit-tax-charge   - as a starting point.
    You can opt out of the payment but still continue to claim which safeguards the NI Credits until the child is aged 12.
  • Spoonie_Turtle
    Spoonie_Turtle Posts: 8,148
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    edited 8 February at 3:40PM
    sheramber said:
    jamest88 said:
    I know once you go above 50k the benefit changes but in this tax year I have not hit 50 yet. Will I be ok to carry on the child benefit until I get to 50k on my payslip or should I cancel straight away? Or is it best to carry on. I really can’t be bothered doing self assessment.

         No,  £50k (of adjusted net income) doesn't end CB - only reduces it.

          Importantly, if your partner is getting the associated NI credits, stopping CB may cause a State Pension shortfall for her. 

        I'd strongly suggest you do some research and consider it further (armed with greater knowledge) to prevent any ill-advised actions.
        https://www.gov.uk/child-benefit-tax-charge   - as a starting point.
    You can opt out of the payment but still continue to claim which safeguards the NI Credits until the child is aged 12.
    But that may not be a good idea, giving up potentially £1,000 or more (or much more if they have more than 1 child) just for the sake of not doing a self-assessment.
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