Pay Rise In October - Child Benefit Eligibility

[OCM19]

Hi

I know there have been a lot of threads about the eligibility for CB once over the £50k earnings.

I was previously on £45k so we qualified for CB. However, as of 1 October, my wage has gone up to £60k, meaning we are not eligible. I know I have to factor in my adjustable net income - I pay 4.8% into my pension.

It will be easy to work out whether we will be entitled to anything next year when my wage is the same for the entire tax year. But...my question is, for this year, where I have been on £45k for just over half of the tax year, are we best to wait until next April to work out whether we have to re-pay anything, or is it as simple as saying that we aren't eligible as soon as the wage increases?

I can see there is a deadline, so don't want to miss it.

Thanks

Your payslips will show your year to date figures, so work out what you will get paid Jan-Mar and add that on to the figure on your Dec payslip to get a rough idea.

Given that once pension contributions are taken into account you won’t be over £60k, you should still claim as you won’t have to pay all the CB back.

May I suggest you pay more into your pension than 4.8% (less than £3k of a £60k wage)? I appreciate this May mean greater sacrifices now, but you’ll lose child benefit if not. There’s a taxation anomaly at this income point.

Congratulations on your increased income.

You don't need to register for a tax return until 5th October following the tax year end ie 5 October 2023 for the year ended 5 April 2023. So I'd wait until you receive your final payslip in March and have a picture of your total earnings for the year, then register for self assessment if need be.