Do I now need to do a tax return (Child benefit related)?

[FawnFrenchieMum]

I have just received my tax calculation for 23/24 and my total income was £50419.44. It never occurred to me I would go into the the higher rate tax but a couple of pay rises and a decent bonus has pushed me into it.

I have been receiving Child Benefit as this is the first time I have been anywhere near £50k income.

Its such a small amount over, do I need to do a tax return? and will I need to pay some pack or is it per £1k over?

I believe they have changed it to £60k for 24/25 - so shouldn't be an issue this year but do you have to do a tax return every year once you have done the first or only if you have reason to do one?

Yes you’ll need to do a self assessment. You need to register for the self assessment by 5 October, then you have until the end of January to complete it and pay what you owe back. I recommend not leaving it until the last minute!

Once you’re registered for self assessment, they expect you to keep completing one, and can fine you if you don’t. So if you’re 100% sure you won’t go over the threshold, make sure to cancel your self assessment registration once you’ve done it for last year.

Thanks for the advice. How annoying!

Just thinking, will my pension contribution have any effect on this?

Pension contribution is usually before tax. What does your p60 box say with £50.4k in? I'm an accountant but not a tax specialist

Let me see if I have had my P60 yet. I got that figure from the HMRC personal tax account.

@Wrapunzel Ok so P60 says 45697.44 - I do have healthcare that goes on a P11D form of 4722.00 which seems to the difference.