📞 Important Update for Taxpayers! 📞
Got a letter from HMRC about an unexpected charge? You might need to give them a ring! A recent case highlighted some confusion around the High Income Child Benefit Charge. If your individual income surpasses £60,000 per year, you could be asked to pay back 1% of your Child Benefit for every £200 over the threshold! This means that at £80,000 or more, you might have to repay the entire benefit.
Here’s how it breaks down: Child Benefit is around £26.05 weekly for your eldest child and £17.25 for subsequent children. If you’ve claimed, and find yourself needing to repay in full, you could owe over £2,250 a year!
One taxpayer tried to manage the repayment through PAYE, only to hit a snag. HMRC suggested calling an adviser to resolve any issues. The good news? Their helpline, 0300 200 3300, offers support on tax queries, including PAYE mishaps and payment arrangements. Phone lines are open 8am to 6pm on weekdays and are usually quieter between 8-9am.
If you’re dealing with this, don’t hesitate to contact them. Avoid phone traffic by reaching out early, and hopefully, you’ll catch them at a less busy time. Stay proactive, and take control of your finances! 💬💡
#FinanceTips #HMRC #ChildBenefit #TaxAdvice