Child benefit - worth claiming!

[SmartiesParty]

As far as I can see if both parents are earning over 60k and working (therefore earning their own NI credits) it doesn't seem like it's worth claiming child benefit to then pay it back.

Am I missing anything?

Nope you’re spot on

Great, thanks!

Either parent not both. Unless one is not working and needs ni credits.

No point in claiming but I found out 6 years too late that it's a good idea to register with them because then you get your NSI contributions covered for 18 years, if anything changed and you find yourself out of work.

You can register and tick to say you don't want any money. Sometimes schools ask for child benefit letter as evidence the child lives there. Also I think that it means that they automatically get their NI number at 16, otherwise they need to apply for it.

You need to fill in a specific HMRC form that says you are not claiming and not doing self assessment tax, but to register this so your National Insurance records are correct.

There’s an option to claim child benefit, but to choose not to take the money.

So that way, there’s no money taken so no requirement to pay anything back, plus you still get the National insurance credits. Which is particularly useful if one parent is earning over 60k and the other is a SAHP or not earning enough to qualify for the national insurance credits.

Even though we earn over the threshold to get any child benefit money, I still registered for the NI credit it gives you, even though I didn't need it myself. This means I have double credits for several years (my NI credit from working, plus my NI credit from the child benefit). This meant I could donate the extra credits to my parents who took early retirement and were missing a few years of credit, boosting their state pension to the full amount. Google 'Specified Adult Childcare credits' - it's basically for anyone who has helped give any childcare to your children while they are under 12. It's been fantastic for my parents!

This is so useful, I didn't know this! I didn't claim and have missed 3 years 🤦🏼‍♀️ but this will help MIL. Thanks!

This is helpful I didn't realise you could get double NI credits

If you're on about 60k it might be worth overpaying into your pension in order to keep child benefit.