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You may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’, if you have an individual income over £50,000
Is there a way to challenge this decision or retrospectively question HMRC records of my Taxable Income?
HMRC has the right to go back at least 6 years to reclaim tax refunds and in cases of deliberate misreporting the time limit is endless.
I am sorry to be the bringer of bad news but that is how HMRC operates.
As I understand HMRC records are not always 100% accurate, do I have the right to request their records for inspection?
Part of the income may actually fall in a previous / subsequent tax year, which will reduce my taxable income to underneath the £60k threshold
Firstly to assess your High income tax charge, you may use the the link below
How do I go about requesting the HMRC income statements?
If you don't have a personal tax account on HMRC portal, you may sign up for one by going to the following link
I hope I've answered your question? If, however, any part of my response is unclear, please do let me know and I'll try to explain it further.
Is it possible to retrospectively reduce taxable income for a given tax year by making voluntary NI / Pension contributions?
No. You may however opt into a SIPP and go back 3 years but that would still not reach the 2017-18 tax year.
SIPP (SELF INVESTED PERSONAL PENSION)
If you had any employment expenses that you did not claim against your income, then you may submit a tax return and claim the expenses. These will then reduce your annual taxable income before allowances.
However, doing this may expose you to possible late filing charges or HMRC enquiries.
Which ever way you choose, it appears that you cannot take any tax advantage from the HMRC.
Its automatic. The tax return for the year 2017-18 was due on 31 Jan 2019. If you submit it in 2022, the late filing charge will arise.
By Tax advantage, I meant avoiding having to pay back the Higher income Child benefit charge.
I hope that the above answers your questions.
You're welcome. Happy to help
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