Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

When to stop child benefit?

5 replies

Onlyrainbows · 06/01/2022 12:04

I start a new job on Monday that will take me past £50k. However, this will only happen in the new fiscal year. My total income for 2021-2022 will be below £35k. As far as I understand it, I'd only have to report the new salary from the 7th of April? (Some friends have told me I need to do it ASAP, but I don't think they've considered my total income). TIA

OP posts:
dementedpixie · 06/01/2022 12:11

Don't stop it if you earn under £60k. Between £50-£60k you would pay back a proportion (I think its 10% of every extra £1k) and once you reach £60k you pay it all back.

You would apply to do a self assessment tax return and declare your CB payment on there.

Onlyrainbows · 06/01/2022 12:14

My base salary with basic bonus (there's room for more) is £64k, so I don't think is worth keeping it.

OP posts:
dementedpixie · 06/01/2022 12:19

I wouldn't stop it until your salary takes you above the £60k threshold. After that you can maintain your claim but opt out of payment and then you would have nothing to pay back

Interested in this thread?

Then you might like threads about these subjects:

Onlyrainbows · 06/01/2022 12:23

That's one avenue that I thought I could take. To keep track of my salary until it reaches X amount and then stop it.

OP posts:
PicaK · 06/01/2022 13:18

Keep taking it but just be aware of what you owe and save that bit up to pay.
The self assessment thing is very easy to fill in if you're basically paye.
So for 2022-23 you fill it in and pay it by end Jan 2024. Though you can do it from April 2023 when you have your p60.
Might be handy to have a pot to dip into if eg you have lots of expenses for your new job and need to pay your credit card before you get the money back from work and replenish the pot. It benefitted us like that.
Do you have a salary sacrifice option for your pension? To take you below the threshold. Worth looking at.

New posts on this thread. Refresh page