High Income Child Benefit Charge

trfc20222

Hi all,

Hope you can help,

I have just done my return as was paid over £50k last year- £55,500

We have 3 children and was paid £2910 in Child Benefit

My return has come back as me owing £2106.

Does this seem right? I haven't had to do it before so just wanted to check, I knew we would have to pay some back but thought it would be about half as not much over the cut off point

Any help greatly appreciated

Flugelhorn

have you had a look at this calculator? https://www.gov.uk/child-benefit-tax-calculator

is the amount including anything else eg savings interest?

trfc20222

Flugelhorn said:

have you had a look at this calculator? https://www.gov.uk/child-benefit-tax-calculator

is the amount including anything else eg savings interest?

Thanks for that

Putting my details in there it says £1595 is the estimated

No other additions such as savings interest

Will contact them as it seems quite a difference

Flugelhorn

yes you need a breakdown of how the amount owed is made up 

Dazed_and_C0nfused

trfc20222 said:

Flugelhorn said:

have you had a look at this calculator? https://www.gov.uk/child-benefit-tax-calculator

is the amount including anything else eg savings interest?

Thanks for that

Putting my details in there it says £1595 is the estimated

No other additions such as savings interest

Will contact them as it seems quite a difference

Are you definitely entering the same information in each place?

There will be a logical explanation of the £2,106 figure.  If you provide the details it should be simple to explain.

trfc20222

Thanks for all the comments, below is the calculation from after submitting, I am not sure why the Student Loan is showing as £4 (or if that is making a difference) as double checked the submission and its shows correctly as £3110.42 which matches my P60

	Amount	Percentage	Total
Pay, pensions, profit etc. (UK rate for England and Northern Ireland)
Basic rate	£37,700.00	x 20%	£7,540.00
Higher rate	£5,249.00	x 40%	£2,099.60
Income Tax due after allowances and reliefs			£9,639.60
plus High Income Child Benefit Charge	£1,595.00
Income Tax due	£11,234.60
plus Student Loan repayments (plan 01)	£4.00
Income Tax due after allowances and reliefs			£11,238.60
minus Tax deducted
From all employments, UK pensions and state benefits	£9,132.00
Total tax deducted	£9,132.00
Total Income Tax due			£2,106.60

trfc20222

Looking at it again, is it saying that I have not paid enough tax in my paid employment during the year? as the High Income Child Benefit Charge is correct on the calculation

I have not done any self employed work during the year so would be a salaried underpayment if so

Dazed_and_C0nfused

trfc20222 said:

Looking at it again, is it saying that I have not paid enough tax in my paid employment during the year? as the High Income Child Benefit Charge is correct on the calculation

I have not done any self employed work during the year so would be a salaried underpayment if so

There is nothing that unusual about underpaying (or overpaying) tax on PAYE.

Have you checked what tax code was used by your employer in 2023-24?

Are you certain you have entered all the other information correctly?

sheramber

What was your code number  for 23/24?

trfc20222

sheramber said:

What was your code number  for 23/24?

1383M is my code for the year

trfc20222

Dazed_and_C0nfused said:

trfc20222 said:

Looking at it again, is it saying that I have not paid enough tax in my paid employment during the year? as the High Income Child Benefit Charge is correct on the calculation

I have not done any self employed work during the year so would be a salaried underpayment if so

There is nothing that unusual about underpaying (or overpaying) tax on PAYE.

Have you checked what tax code was used by your employer in 2023-24?

Are you certain you have entered all the other information correctly?

Thanks, the tax code on my P60 is 1383M, I have double checked the figures and everything submitted matches my P60