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Did you know that child benefit income might be subject to tax depending on your earnings? Find out if you need to pay tax on your child benefit and how it could affect your family budget. Stay informed and read our article - https://lnkd.in/eCX4hwDU

Did you know that child benefit income might be subject to tax depending on your earnings? Find out if you need to pay tax on your child benefit and how it could affect your family budget. Stay informed and read our article - https://lnkd.in/eDmthur7

Did you know that child benefit income might be subject to tax depending on your earnings? Find out if you need to pay tax on your child benefit and how it could affect your family budget. Stay informed and read our article - https://lnkd.in/eRfCfiWf #incometax #accountant #taxassistaccountants

Another announcement from last week's budget was regarding the High Income Child Benefit tax charge. 👶 ❗ This is something that only affects a handful of our clients, but if you fall into the affected group then it's important to be aware of it. ❓ If you or your partner receive child benefit payments and your income is above a certain threshold, you'll be liable to pay additional tax at the end of the tax year. 💵 The current income threshold is £50,000. If only one partner earns above £50k then they are solely responsible for paying the charge, even if it is the other partner that actually receives the child benefit. The children do not need to be your own for you to be liable to pay. The good news is that the threshold is increasing to £60,000 for 2024/25. 🙌 💹 Particularly for individuals who get most of their income outside of PAYE, or from multiple sources, it's worth speaking to your accountant about what your projected income is for the tax year and whether it makes sense to continue claiming child benefit, particularly if your income is consistently above the threshold. 📆 It was also announced that there are plans to drastically reform the system from April 2026, with it eventually moving to a household income test for eligibility, so we'll see further changes in the coming years.

Child Tax Credit in 2024: What You Need to Know! 💰 It’s important to stay informed about changes in tax legislation, especially if you have children. The Child Tax Credit is a significant aid for families, but to make the most of it, you need to understand all the details. 🔹 Credit Amount: In 2024, the amount of the Child Tax Credit is up to $2,000 per child. For children under 6 years old, it’s up to $3,000! This money can significantly reduce your tax liabilities. 🔹 Eligibility: The credit is available for each child under the age of 17, provided they are your dependent. Make sure you have all the necessary documents to prove this. 🔹 Phaseout: The full credit is available for families with an income of up to $200,000 (or $400,000 for married couples filing jointly). If your income exceeds this threshold, the credit amount will gradually decrease. 🔹 Refundable Portion: The Child Tax Credit is partially refundable, which means that even if your tax bill is zero, you can receive up to $1,400 per child as a refund. ❗️Don’t miss the opportunity to ease your financial burden with this credit! Ensure that you fill out all forms correctly and submit your documents on time. If you have any questions, it’s best to consult a tax specialist. 🤗 Take care of yourself and your loved ones, and let tax benefits work for you! #ChildTaxCredit #TaxCredits2024 #FamilyFinance #TaxBenefits #ParentingTips #FinancialRelief #TaxAdvice #2024TaxSeason #SaveMoney #TaxPlanning #Accountingpro #USA

Spring Budget 2024 - High Income Child Benefit Charge Changes In welcome news, from the 2024-25 tax year, the government will introduce changes to the high income child benefit charges. Right now, if parents earn between £50,000 and £60,000, they have to pay the tax charge for the child benefit received. They pay 1% extra tax for every £100 they earn over £50,000. If they earn over £60,000, they end up paying tax equal to the total amount of child benefit they receive. From 6th April 2024 the rule will change so that this extra tax starts if parents earn £60,000 instead of £50,000. Those earning less than £60,000 will no longer need to submit a tax return or have any clawback of child benefit. For parents earning between £60,000 and £80,000: the amount they have to pay extra will be less. They'll only pay 1% extra tax for every £200 they earn over £60,000. Those earning more than £80,000 will still pay tax equal to their full child benefit amount. #childbenefitcharge

Changes to the high income child benefit charge mean some couples will pay less tax. Others can also benefit but must take steps to do so. What’s required and when? https://lnkd.in/ejApkbYT #childbenefit #tax

🌟 6 Days Until Tax Deadline! 🌟 With just 6 days left in our tax countdown, let's shine a light on a valuable benefit for families: the Child Tax Credit. 📅👨👩👧👦 Today's Family Finance Focus: The Child Tax Credit (CTC) is designed to assist families by offsetting the cost of raising children. For the 2023 tax year, eligible families can claim a credit of up to $2,000 per qualifying child under the age of 17. What's more, up to $1,400 of this credit is refundable, meaning it could reduce your tax bill or increase your refund even if you don't owe any taxes. Ensuring you claim this credit if you're eligible is crucial for maximizing your tax benefits. 🚀💡 Navigating the specifics of the CTC, from eligibility to the claiming process, can be complex. At Bottom Line RCM, I'm committed to helping you understand all aspects of this credit, ensuring your family gets every advantage you're entitled to. With a focus on precision and personalized service, I'm here to guide you through optimizing your tax return to benefit your family's financial health. 🌱📚 If you're wondering about your eligibility for the Child Tax Credit or need assistance with your tax return, don't hesitate to get in touch. I'm here to offer the support and expertise you need to navigate these crucial details. 🤝🖥️ 📞 Call: 518-837-7901 📧 Email: [email protected] 🌐 Visit: https://lnkd.in/eES3AFwg Together, let's ensure your tax filing reflects the full range of benefits available to your family, contributing to your financial well-being and future. 🚀👪 #TaxCountdown #TaxFilingTips #BottomLineRCM #PersonalizedSupport #TaxPreparation #FinancialManagement #ChildTaxCredit #FamilyFinances #TaxTips

🌟 6 Days Until Tax Deadline! 🌟 With just 6 days left in our tax countdown, let's shine a light on a valuable benefit for families: the Child Tax Credit. 📅👨👩👧👦 Today's Family Finance Focus: The Child Tax Credit (CTC) is designed to assist families by offsetting the cost of raising children. For the 2023 tax year, eligible families can claim a credit of up to $2,000 per qualifying child under the age of 17. What's more, up to $1,400 of this credit is refundable, meaning it could reduce your tax bill or increase your refund even if you don't owe any taxes. Ensuring you claim this credit if you're eligible is crucial for maximizing your tax benefits. 🚀💡 Navigating the specifics of the CTC, from eligibility to the claiming process, can be complex. At Bottom Line RCM, I'm committed to helping you understand all aspects of this credit, ensuring your family gets every advantage you're entitled to. With a focus on precision and personalized service, I'm here to guide you through optimizing your tax return to benefit your family's financial health. 🌱📚 If you're wondering about your eligibility for the Child Tax Credit or need assistance with your tax return, don't hesitate to get in touch. I'm here to offer the support and expertise you need to navigate these crucial details. 🤝🖥️ 📞 Call: 518-837-7901 📧 Email: [email protected] 🌐 Visit: https://lnkd.in/exyvUuAC Together, let's ensure your tax filing reflects the full range of benefits available to your family, contributing to your financial well-being and future. 🚀👪 #TaxCountdown #TaxFilingTips #BottomLineRCM #PersonalizedSupport #TaxPreparation #FinancialManagement #ChildTaxCredit #FamilyFinances #TaxTips

🎥 Watch this video if you’re a parent earning around £60k… 👨👩👧 For families, the increase in the High-Income Child Benefit Charge threshold to £60,000 brings a slight reprieve, affecting around 170,000 families who will benefit from this change. 🏡 It's a step in the right direction, although the transition to household assessment on the horizon is something to watch closely and will no doubt bite back. 🌐 Looking to understand this further? Book in a call today 👉 https://lnkd.in/eQk4uAY3 #family #familytax #tax #budget