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BIK and higher child benefit charge
Timothyayre
Posts: 18
Forumite
in Cutting tax
Hello, my employer has a tech products and health cash scheme. I know that any reduction in tax is recovered through Benefits in Kind tax at the end of the tax year. However, my income is over 60K so I wondered how this affects the higher child benefit charge? The tech and health cash schemes do reduce my salary so will I pay less child benefit back or is it worked out after my BIK is calculated?
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HICBC is based on adjusted net income (ANI) and benefits in kind (BIK) are included as part of your ANI.Timothyayre said:Hello, my employer has a tech products and health cash scheme. I know that any reduction in tax is recovered through Benefits in Kind tax at the end of the tax year. However, my income is over 60K so I wondered how this affects the higher child benefit charge? The tech and health cash schemes do reduce my salary so will I pay less child benefit back or is it worked out after my BIK is calculated?1
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