Cancel child benefit?

[tillytubby]

My husband has a new job and with one thing and another will be earning over £50000 at the end of the next financial year 2019/2020.
I understand that this now means we won't be entitled to child benefit or marriage allowance but do I cancel it now or when we get next year's p60?
I really don't want to be in an overpayment situation.
Can anyone advise?

It's important if you currently don't work to claim child benefit for NI. Your husband will just have to fill in a Self Assesment at the end of the financial year

Also remember that is £50000 after pension payments.

After his pension has been deducted and any childcare vouchers is his salary still above £50k? If not then you are still entitled.

My DH earns about £57k but we still get CB because his salary drops to £49k once pension and vouchers are deducted.

Ps you are entitled to child benefit but it reduces, tapered, between £50000 and £60000 after pension contributions.

Don’t cancel CB. You only lose it all when one of you earns over £60k. Between £50k and £60k your DH pays it back on a sliding scale through his tax code - he will need to do self assessment for this. Even if you do end up paying it all back, if you’re a SAHP you should still claim it to ensure you get the NI credits towards your state pension (you can always claim it but refuse the actual payment if you don’t want the hassle of repaying it.

You lose the marriage allowance when the one transferring it becomes a higher rate taxpayer. Again, you don’t have to do anything as they will just claim it back when your DH does his tax return, but you could let HMRC know now to avoid having to pay it back.

If his wage is between 50-60k then you will only pay a percentage of it back.

Its 60k onwards that you pay it all back.

If you dont work and you dont want to be paying it all back because you are over 60k but still want to have your NI stamp, then you leave the claim for child benfit active but opt out of receieving payment.

If you close the claim altogether then you wont get your NI stamp each month. However this would only apply if you wasnt working.

It's complicated.
It's 50k after deductions so he could pay an addition few thousand into his pension to keep you under the 50k threshold.
Are you working? If not, don't cancel it because you need it for your NI contributions just fill in the self assessment at the end of the year and pay back whatever you owe.

My DH went over 50k last financial year. After pension and whatnot we had to pay back £35! So don't cancel it yet.

It all gets settled by self assessment. So you don't need to do anything yet (apart from maybe put money aside).

You do get ni contributions paid for you until your child is 12 even if you do not get child benefit.

CB doesn't stop after 50k, it reduces. It only stops after 60k and as pp said, that's 50-60k after pension deductions and any other salary sacrifice schemes he may be a part of (childcare vouchers for example).

If his applicable earnings then still fall between to 50-60k bracket, then a simple self assessment tax form each year needs to be completed, and you'll have to pay back an appropriate amount.

If you'd resigned yourselves to cancelling it anyway, why not place it all in a separate account over the year, then it's there to pay back after the self-assessment, and whatever's left get moved in to your current account.

You need to claim child benefit in your name, because it pays your National Insurance 'stamp' if you are not working. The stamp pays towards your state pension. In the UK you need 35 years contributions to claim a state pension. You can find more info on www.gov.uk

When child benefit was set up it was stated that the effect would be to "move money from the wallet to the purse".

I keep the child benefit and pay it back through my tax code as I think if I got made redundant I wouldn't want to go through the hassle of reclaiming it.

As per PP anyway he won't have to pay much back if he's only just crossed the threshold.