High Income Child Benefit Charge

[Saleralor2004]

Hi

I am filling out my first self assessment for the above but I am really confused as to what to fill in and decuct.

My P60 has my earnings as £53K this includes my £3k Bonus
I pay £125 per month into my pension - £1500 per annum
and I also have Private Medical Cover which on my P11D is showing as £1642.83 for the year.

Do I deduct pension and medical cover?

Online help is very confusing so struggling a little to understand what I can deduct and what I dont.

Thanks fin advance for any replies to this.

What does the P60 show as taxable income? If under £50k, there is no need to repay anything. Hopefully someone will be along soon with regards P11D.

The P60 figure should be your taxable income, which is your gross earnings minus your salary sacrifice pension contributions. So it already deducts your pension contributions in this case.
You'll need to use your P60 figure and add on the P11D figure too.

Don't think BIK are deductible.

Exactly this. You need to add on your BIK, not deduct it.

What is BIK please

Benefit in kind. Things like company cars, private medical etc.

I'm also trying to work this out, it's really confusing.

I get expenses for fuel back which go on my pay slips- surely these shouldn't count as income ?

Reimbursement of expenses will feature on your payslip but won't be taxable, so these won't be included on your P60 and won't be included in any high income child benefit charge calculations.

Thanks that's really helpful

Hi

Thanks, just checked my P60

Income £53383 with Tax Paid £10657

So I use the £53383 and add in my Private Medical which was £1642 is that correct?

I believe that's right with the £53383 if it's the amount shown on your P60. For the pension, if it's a private SIPP, there's a section to add your SIPP contribution. You can get money back for being in the 40% income group. If it's company pension, it'd already have been deducted from your taxable income.

I think there's a section on benefit in kind. I don't have any so don't know. You'll need to add up all your interests received and dividends payments too. Also if you have paid gift aids.

Have you started filling in the form? There are separate sections for everything. The difficulty I found is understanding their jargons on what should be included. (Like fuel and travel expenses reimbursements).

I never worked out if I should declare the £10 interest I earn but I did anyway.

Thanks for your help, will log in again and try it again.

Think all the jargon put me right off - no wonder know one knows whats going on :)😀