Child Benefit - deadline approaching!
If you are affected by the changes to the rules to Child Benefit, you only have two weeks left to opt out.
If one partner (whether or not the natural parent of the child) in the household is earning more than £50,000 per year, then there will be a claw back of some of the child benefit received. However, if the highest earning partner receives income in excess of £60,000, all the child benefit will be clawed back.
This will be done via the tax return system and will mean many people will have to complete a tax return for the first time.
However if, by 28 March 2013, you formally opt not to receive child benefit at all then you will not be faced with annual clawbacks in the future.
If you are concerned that this change will affect you, or you have any other questions, please contact Ruth Bennett, one of robinson+co’s Tax Specialists, on 01900 603623 or firstname.lastname@example.org