Can anyone pls explain child benefit and SA?

[Fannymadams]

Sorry I think this has probably been covered many times but can anyone please explain if I need to do a self assessment form to declare child benefit? Single earner on 52.5k pa, earning this amount since last June 😩 Currently getting the full amount for one child.

is it just the excess over £50k that if need to declare, and what happens if they want to claw back any overpayment, can I pay it in one go, or will I get some sort of penalty?

Thanks for any advice.

Is your actual adjusted net income that figure? Do you not have a workplace pension that is directly deducted at source through salary sacrifice, for example?

That’s my gross salary figure. Pension gets deducted by employer. I’m just not sure how I work out the amount I’m supposed to pay back, if that makes sense.

It’s your pay after pension that’s counted.
if you pay 5% into your pension, you’ll get the full CB.

your gross salary isn’t what the threshold is interested in.

What’s your actual taxable income? A simple take home salary calculator where you put in the pension deductions will show this

You need to do an HMRC self
Assessment as you earn over £50k

It's pretty unlikely that you need to repay anything as your pension contributions will take you below £50k.

The self assessment does the calculation for you.

The deadline for the assessment is 31st January so don't delay.

If the change only happened in June 2023 you only need worry after
April for the 2023/4 tax return due this time next year. Your p60 should show the salary net of pension deductions and that is the figure any hmrc assessment is based upon.

Oops yes this is correct.

In that case self assessment next year.

Its all down to what your P60 says.
If its £49,999.99 you still get child benefit
if its £50,000.01 you do not

If the p60 says 50,000.01 she still gets it but it tapers down and portions need repaying. At 60k there are no benefits to claiming it.

it is the p60 figure not your gross salary that is key here.