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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15982
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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In the tax year to 5th April 2017 I earned £52,000. I have 3

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In the tax year to 5th April 2017 I earned £52,000.
I have 3 children for which I receive child tax credits (child benefit).
Does this put me over a threshold, and if so what do I need to do?

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Do you receive child tax credits or child benefit or both? Are you the individual with the higher income in your household?

Customer: replied 10 months ago.
I'm not sure what it's called. It's the one where I think you have to pay something back once one parent earns over £50,000. I think child benefit? We also get the entitlement for our youngest for childcare up to age 5 (nursery fees contribution). I would like to know how much I have to pay back, when I start paying it and how I do this? I am the highest earner. My wife does not earn over 50K she is a part time nurse. Can you help?


Leave this with me while I draft my answer.

You need to register for self-assessment which you can do here. Submission of the tax return to HMRC will generate the tax bill for the year and will include the chuild benefit tax.

Based on the information provided and assuming you received child benefit for all three children for the whole of the 2016/17 tax year, you will have to repay £500.00 by 31 January 2018. Use the calculator here to work out the repayment.

I hope this helps but let me know if you have any further questions.

Customer: replied 10 months ago.
Ok great. If I log on to self assessment now, do I pay the amount they determine at any time before January 2018 or is it payable now. In other words is year end April 2017 payable in January 2018 or am I overdue? I don't want to fall foul of any timelines, am I still okay?

You would normally wait until 31 January 2018 to pay any tax owing for 2016/17 but if you want to pay early, wait until 48 hours after you have submitted the tax return online before you pay it.

Customer: replied 10 months ago.
Ok, last question. Will the self-assessment tell me how much I owe after I have submitted, so I know the correct amount to pay?

When you have completed the data entry and are ready to submit the return, you can print a tax calculation before you submit the return so you can check that it all looks correct.

TonyTax and other Tax Specialists are ready to help you
Customer: replied 10 months ago.
Ok great. Thank you for your help.