Self assessment - Income over 50K

jmsa7

Hello and thank you in advance for any advise.

Apparently my income for 2023/2024 was around £54K. I say apparently because I received £41K from my employer plus £6K from property, total £47K. Seems like, because I use company car as a benefit, that brings my total "income" to £54K. Wasn't aware of that until recently.

Anyway, I have already submitted my self assesment however I remember there was a question about if I earned above £50K which I said NO. I'm surprised there was such a question as I have declared all my income, so they already know the answer...

Would it actually made any difference if I had answered YES to that question? Can I still make any amendments to the return after submission?

Nomunnofun1

jmsa7 said:

Hello and thank you in advance for any advise.

Apparently my income for 2023/2024 was around £54K. I say apparently because I received £41K from my employer plus £6K from property, total £47K. Seems like, because I use company car as a benefit, that brings my total "income" to £54K. Wasn't aware of that until recently.

Anyway, I have already submitted my self assesment however I remember there was a question about if I earned above £50K which I said NO. I'm surprised there was such a question as I have declared all my income, so they already know the answer...

Would it actually made any difference if I had answered YES to that question? Can I still make any amendments to the return after submission?

You answer ‘Yes’ because your income WAS over £50000. You can amend the return up to 31st January 2026. 

jmsa7

Nomunnofun1 said:

jmsa7 said:

Hello and thank you in advance for any advise.

Apparently my income for 2023/2024 was around £54K. I say apparently because I received £41K from my employer plus £6K from property, total £47K. Seems like, because I use company car as a benefit, that brings my total "income" to £54K. Wasn't aware of that until recently.

Anyway, I have already submitted my self assesment however I remember there was a question about if I earned above £50K which I said NO. I'm surprised there was such a question as I have declared all my income, so they already know the answer...

Would it actually made any difference if I had answered YES to that question? Can I still make any amendments to the return after submission?

You answer ‘Yes’ because your income WAS over £50000. You can amend the return up to 31st January 2026. 

I remember very well answering NO to that question. Will it matter either way? Thx

jmsa7

Nomunnofun1 said:

jmsa7 said:

Hello and thank you in advance for any advise.

Apparently my income for 2023/2024 was around £54K. I say apparently because I received £41K from my employer plus £6K from property, total £47K. Seems like, because I use company car as a benefit, that brings my total "income" to £54K. Wasn't aware of that until recently.

Anyway, I have already submitted my self assesment however I remember there was a question about if I earned above £50K which I said NO. I'm surprised there was such a question as I have declared all my income, so they already know the answer...

Would it actually made any difference if I had answered YES to that question? Can I still make any amendments to the return after submission?

You answer ‘Yes’ because your income WAS over £50000. You can amend the return up to 31st January 2026. 

Do you mean Jan 2025? I'm talking about the self assessment for 2023/24.

I think this question might have to do with child benefit. My wife claims full benefits for our 3 children. I have got a feeling that if I had answered Yes to that question I would have to pay some back. Any thoughts on this?

Nomunnofun1

jmsa7 said:

Nomunnofun1 said:

jmsa7 said:

Hello and thank you in advance for any advise.

Apparently my income for 2023/2024 was around £54K. I say apparently because I received £41K from my employer plus £6K from property, total £47K. Seems like, because I use company car as a benefit, that brings my total "income" to £54K. Wasn't aware of that until recently.

Anyway, I have already submitted my self assesment however I remember there was a question about if I earned above £50K which I said NO. I'm surprised there was such a question as I have declared all my income, so they already know the answer...

Would it actually made any difference if I had answered YES to that question? Can I still make any amendments to the return after submission?

You answer ‘Yes’ because your income WAS over £50000. You can amend the return up to 31st January 2026. 

Do you mean Jan 2025? I'm talking about the self assessment for 2023/24.

I think this question might have to do with child benefit. My wife claims full benefits for our 3 children. I have got a feeling that if I had answered Yes to that question I would have to pay some back. Any thoughts on this?

The 2023/24 return had to be submitted by 31st January 2025 -you have one year to amend it. 

eskbanker

jmsa7 said:

I think this question might have to do with child benefit. My wife claims full benefits for our 3 children. I have got a feeling that if I had answered Yes to that question I would have to pay some back. Any thoughts on this?

Yes, if one of you earned over £50K then there is a tax charge to reverse out some or all of the child benefit:

https://www.gov.uk/child-benefit-tax-charge

Dazed_and_C0nfused

jmsa7 said:

Nomunnofun1 said:

jmsa7 said:

Hello and thank you in advance for any advise.

Apparently my income for 2023/2024 was around £54K. I say apparently because I received £41K from my employer plus £6K from property, total £47K. Seems like, because I use company car as a benefit, that brings my total "income" to £54K. Wasn't aware of that until recently.

Anyway, I have already submitted my self assesment however I remember there was a question about if I earned above £50K which I said NO. I'm surprised there was such a question as I have declared all my income, so they already know the answer...

Would it actually made any difference if I had answered YES to that question? Can I still make any amendments to the return after submission?

You answer ‘Yes’ because your income WAS over £50000. You can amend the return up to 31st January 2026. 

Do you mean Jan 2025? I'm talking about the self assessment for 2023/24.

I think this question might have to do with child benefit. My wife claims full benefits for our 3 children. I have got a feeling that if I had answered Yes to that question I would have to pay some back. Any thoughts on this?

Any thoughts 🤔

31 January 2025 is the filing deadline (for most 2023-24 returns)

31 January 2026 is the deadline for amending 2023-24 returns.

An early correction (amendment) to your 2023-24 return is likely to be better than waiting for HMRC to contact you about the missing Child Benefit details.