Many of you with children may well have elected to stop receiving Child Benefit, but should this be reconsidered if income levels are likely to fall?
If you have made an election to stop receiving child benefit due to the high income child benefit charge, you may wish to consider revoking the election in order to restart your claim. The child benefit may ultimately have to be paid back via the self-assessment tax return, but it could help a little towards easing immediate cash flow concerns.
The election to stop receiving child benefit can be revoked by completing a form online via the GOV.UK website (a Government Gateway account is necessary) or by contacting the Child Benefit Office by telephone on 0300 200 3100. The election must be revoked by the person who originally made it, being the person who was previously receiving the child benefit. Child benefit will start to be paid again from the Monday following the call or receipt of the form. However, if neither your own nor your partner’s adjusted net income is expected to exceed £60,000, the revocation can be backdated to the start of the tax year.
If you need any further guidance, such as how to calculate your adjusted net income, please do not hesitate to contact us.