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Gordon Wood Scott & Partners Limited Chartered Accountants and Tax Advisers
0117 946 6149 accounts@gwsp.co.uk
Weekly amounts of child / working tax credits and child benefit.
Child Benefit is receivable by a person responsible for each child until they reach 16, or 19 if they stay in education or training.
If the person (or their spouse or partner) has 'adjusted net income' above £50,000 the person with the highest income has to pay some of the Child Benefit as a tax charge.
Where 'adjusted net income' is more than £60,000 a year, the tax charge equals the Child Benefit received.
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HMRC has outlined the eligibility requirements for the Job Retention Bonus.
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