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Working tax credits and child benefit.
Child Benefit is receivable by a person responsible for each child who is under 16, or 19 if they stay in education or training.
If the person (or their spouse or partner) has 'adjusted net income' above £60,000 the person with the highest income has to pay some of the Child Benefit as a tax charge.
Where 'adjusted net income' is more than £80,000 a year, the tax charge equals the Child Benefit received.
Why not get in touch with Quarter Chartered Accountants today for more information.
The UK government is aiming to slash energy prices, unlock investment and upskill the workforce in its Industrial Strategy.
The tax gap estimate was 5.3% for the 2023/24 tax year, according to the latest data from HMRC.