To cancel child benefit now I earn over £60K?

[quizmasterr]

Is there a reason to keep claiming?

I've just signed up for self assessment for the first time and so will have some CB to pay back. My salary is now over £60k so I think I have to pay it all back that I receive from that point.

I recall I have read on here that there are benefits to claiming it - is that the case?

In Summer the Treasury proposed to change the way it’s repaid, so instead of having to compete avSA return, the proposal is to change the PAYE system so it can be collected via your PAYE tax code. Nothing heard since, so not imminent but maybe in a couple of years people with no other tax complications won’t have to complete SA returns if only for child benefit repayment.

@hertren Yes she can claim but you still need to pay back the benefit if your earnings are above the threshold. You will eventually receive a letter from HMRC asking you to repay.

@dcsp one child is £24pw - not sure how you arrived at nearly £3k

Thanks all.

I earn just under £62K so I could up my pension contribution but would still need to pay some back and wonder whether it's a faff. It's only this financial year my earnings have been over £50k as the year prior to that I was on mat leave and prior to that I earned under £50K.

I wonder how much more I'd need to pay into a pension for it to make a difference and also wondering how much I need to pay back for this year!

Not sure what getting divorced has to do with it if I'm the one who earns over £60K although don't get me started on how India's the system is. DH earns £50-something-K

Another person eg grandparent being able to claim is interesting so would need to look into that.

If I stopped it and my earnings changed wouldn't I just be able to start claiming again or is it a one time thing?

I just stopped mine to avoid all the faff. I recently did my first self assessment as I’d claimed for part of the year and found it very confusing. Then HMRC made an error and decided that the CB never stopped and tried to get £3k off me straight away in my tax code. A one hour phone call sorted it but I can’t be doing with that every year. I see no benefit to claiming it in my situation.

I claimed the first year when my salary increased mid year so I didn’t have to repay all. Now I’m on 63k it’s not worth it

CB is £24 per week. So £1248. Even with two dc it's £39.9 per week. So £2074.

Where did your £2713 come from?

I've never claimed child benefit because my husband earns over the threshold (joint finances so no benefit to me claiming and him repaying the tax). But we did make sure I am still getting my NI credits for my state pension, so be sure you are too!

You'll just end up paying it all back if you keep claiming which is just a waste of time and effort on your tax return.

I kept mine because I had to do a tax return anyway and actually it was quite useful having that £80 landing in my account from time to time!

I'm in similar situation for tax year 2022 - 23. Calculator says I owe about £800. After sending in my SA form, my tax account says I don't owe anything. Should I wait for a letter asking for the child benefit payment or just pay it noe to avoid a fine?

Your SA may offset your cb charge with other tax rebates.