jay Lockwood

Thank you for the reply. I have used the online calculator and it says I owe £137 for the higher income charge, which seems about right. My adjusted taxable income was £51154 and I believe the charge is 1% of child benefit for every £100 my salary exceeds £50k. However, when I complete the self assessment tax return, it says my calculation for amount owed is £296.60. This is clearly wrong but I don’t know what to do now?

Hi, I’ve unfortunately inherited some money and I’ll have a good amount left over even after maxing out my ISA. Inevitably the interest earned in other savings accounts is going to push my income over the 40% tax bracket. I am aware that the bank will inform HMRC but I was wondering if I was able to pay the tax I owe come next April in a one off lump sum, rather than have HMRC messing with my tax code? Is this a possibility and how would I go about it please? I don’t want my wages affected month to month but equally I’m aware I will have taxes to pay. Thank you Jay

Hi, my adjusted salary last year exceeded the 50k limit, I earned £51,154. Having used the calculator, I owe £137 in child benefit which apparently has to be paid through self assessment for the tax year 2023/2024. I’m not registered for self assessment currently and this is likely to be the only year I exceed the limit, now it has risen to 60k. On the calculator page, it says… “If you’re making a new claim between 6 April 2024 and 8 July 2024 and are calculating your backdated amount, you do not need to send a separate Self Assessment tax return for 2023 to 2024. Add the estimated Child Benefit and tax to your 2024 to 2025 Child Benefit tax calculation results.” I’m not sure what this means? Do I have to do a self assessment for 2023/2024 tax year or not? If not, how do I pay it next year? Confused. Thank you