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How long does it take for tax code to change after you've done self assessment for child benefit?
KaratePigeon
Posts: 322 Forumite
Hi, my income was around £55k last year according to my P60, so straight away in April I filled out a self assessment, knowing I will have to pay back about half of my child benefit (3 kids so its quite a bit). I had an email acknowledgement saying I should be able to see any changes to my account within 72 hours but nothing was showing, I would have thought I would have a new tax code by now? Or does it not update until next April? I'm just worried about owing money and want to budget for paying it back!
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I think you have got a little confused with your tax years.KaratePigeon said:Hi, my income was around £55k last year according to my P60, so straight away in April I filled out a self assessment, knowing I will have to pay back about half of my child benefit (3 kids so its quite a bit). I had an email acknowledgement saying I should be able to see any changes to my account within 72 hours but nothing was showing, I would have thought I would have a new tax code by now? Or does it not update until next April? I'm just worried about owing money and want to budget for paying it back!
Tax owed under Self Assessment for 2023-24 will not be included in your tax code for this year, it is your 2025-26 tax code that is changed for this liability.
Depending on how you have completed the return HMRC do sometimes update your code for the current tax year (2024-25) to start collecting extra tax towards any HICBC for the current tax year.
But as the lower HICBC threshold has increased to £60,000 this might not be relevant for you anyway.0 -
Ok thanks, so I can expect my tax code to be changed on 6th Apr 25 (or maybe earlier), and then it'll just get taken out of my salary over the 12 months after? I know the threshold has increased but as I understand it I still need to pay it back for 2023-24 as I earned over the 50k threshold that was in place then. If my income stays below 60k I won't need to pay it back for any other years.
Is that correct?0
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