HMRC encourages individuals earning less than £80,000 to check for potential cash benefits available to them
London: HMRC is reaching out to folks who might think they earn too much to check again. If you make under £80,000 a year, you could be missing out on some cash payments.
If you qualify, you might be able to claim Child Benefit. This is financial help for each child under 16, or under 20 if they’re in full-time education or training. If your income or your partner’s is £60,000 or less, you can get the full amount, as long as the child lives with you or you help with their expenses.
But if you earn over £60,000, there’s a High Income Child Benefit Charge (HICBC) that kicks in. The benefit starts to decrease for incomes between £60,000 and £80,000, and if you hit £80,000, you won’t get any benefit at all.
Only one parent can claim for each child, so HMRC really wants people to check if they’re eligible. They recently posted on X, saying, “Think you earn too much to receive Child Benefit payments? Check again to make sure you’re not missing out on money.”
Plus, claiming Child Benefit can help you earn National Insurance credits for your State Pension. Right now, you get £25.60 a week for one child, which adds up to about £1,331.20 a year. If you have more kids, you get an extra £16.95 a week for each one, so two kids would mean around £2,212.60 a year, and three would be about £3,094.
