Millions of parents have just weeks left to check child benefit payments to avoid fine - everything you need to know
Millions of people have to file self-assessment tax returns every year, including those that pay the High Income Child Benefit Charge.
Before you can complete and submit a tax return you need a unique taxpayer reference and activation code from HMRC.You then have to sign in and register by visiting the "Self Assessment tax return" section of HMRC's website.Filling in a tax return can be tricky, so if you need help you can read our guide on how toChild benefit is given to families bringing up a child under 16 or under 20 if they're in "approved" education or training.The benefit is worth £21.
However, if you or your partner individually earn over £50,000 you have to start paying back some of your child benefit. If your income is between £50,000 and £60,000 the charge is 1% of your child benefit for every £100 between those two figures.This means couples can have a combined income of up to £100,000 without having their child benefit deducted.But that parent has to be claiming child benefit already.
If your income is over the threshold, you can choose to still get payments and pay any tax charges to HMRC at the end of each tax year.
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