Hey all,
I might unexpectedly go over the £100k mark this year, which would be a one off. (Work want to bit back my annual leave and I have about 150 days, and hubby might be made redundant so redundancy payment would push him over).
I know about the bits you can do to bring the taxable income down (pension, charity) but I was wondering if anyone knows what happens if you do go over towards the end of the tax year? Do you have to pay the money back that you’ve had that year? Will they refuse you the benefit in the next year even though it was a one off?
Thanks in advance for the advice x
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This happened to us for different reasons. We just got an email on the gov tax childcare account saying our funded ours etc would be stopped for maxing the salary limit and to call them if we wanted to contest it.
We did and explained the situation. It got stopped for 1 term (until new tax year started) and then we had to reapply the normal way but they did call us again to confirm our salary status. There was no mention of paying it back.
I would say that we only went over 100k by about 4k so not massive and once we explained why and that it was a one off it didn’t seem to be much of an issue.