Child benefit repayment
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The highest earner fills in for self assessment then once the account is open you input all earnings but don't forget pension as that brings down take home pay so helps and then they send you the amount that it is. But there is a benefit calculator online which you can use to work it out. You can also still claim but stop payments if you have to pay it all back as it will count towards your stamp duty contributions for state pension years to come if like me take few years working break. Hope this helps. Feel free to ask anymore questions as we have just gone though this for the last year with my eldest child benefit. 🙄🤦🏻♀️ X
Oh forgot to say you said you are in the income cut off, that amount is on individual incomes, so over 60k now you pay part of it back and over 80k all of it back but as of next April it goes on joint household incomes so it's gonna screw loads of people over. They have been campaigning to get this changed for ages as the threshold has never been changed but now it really is not gonna help and I just hope they start sending out letters to people.
Last year we received child benefit without even knowing about the cut off limit (naive I know) but my husband earned over the 80k threshold and they sent a letter out to us to tell us the amount we owe. It's probably not the correct way you're meant to do it but they will write and ask for it.
Thanks so much girls, it’s all just confusing. I said I’m sure they’ll get in Touch if we owe a significant amount 😂 so glad I saved it all though because it’s a lot of money to find if I’d spent it 😂 @Kirsty is it not 50 as we had baby in the last financial year and the cut off only changed to 60 this financial year? X
As far as I could tell when we looked into it before they raised the threshold for paying back, the highest earner has to fill in and submit a self assessment at the end of the tax year and this helps show what you owe not 100% on that though, it's all so confusing!