Child Benefit

Please find below all the articles that have been tagged as 'Child Benefit'.

Tax-free Childcare

Monday, August 3, 2015

Tax-free childcare is part of the government’s long-term plan to support working families and will provide up to 1.8m families across the UK with up to £2,000 of childcare support per year, per child, via a new online system. It was originally planned that the scheme would launch in Autumn 2015, but, as a result of a direct legal challenge from a small group of childcare voucher providers, development of the scheme was suspended. However, the Supreme Court has recently ruled that government proposals for delivering tax-free childcare…

What Tax Rate do you Pay?

Friday, April 24, 2015

A question we are often asked is, how can I reduce my tax bill?

A simple question on the face of it, but how simple is the UK tax system?

An income taxpayer might reasonably assume that there are only three rates of tax within the UK, basic rate tax at 20%, higher rate tax at 40% and the additional rate at 45%, and they would technically be correct. However the reality of the UK tax system is that your personal circumstances…

Unpaid Self Assessment Tax Surcharge Imminent

Wednesday, February 25, 2015

If you have not made arrangements to settle your outstanding self-assessment tax, which was due for payment on 31 January 2015, penalties could be levied by HMRC. In order to avoid a 5% surcharge being levied on your balancing payment for 2013/14, payment will need to be made no later than 2 March 2015. HMRC is taking a very stringent approach with taxpayers with little clemency for late payment. The easiest method to settle the outstanding tax is via…

Child Benefit, Tax Penalty Ticking Time Bomb

Friday, September 26, 2014

Government changes to child benefit claims for households where at least one person earns over £50,000 can lead to surprise Self-Assessment penalties, if there is a failure to register for Self-Assessment prior to the 5th October 2014 and your circumstances have changed.

Less than two weeks away!

Consider these two scenario’s

1. You or your partner have received a pay increase in the past year taking your employment income in excess of £50,000, and you continue to receive child benefit. You must…