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Archive for August, 2013

Act now to avoid the Child Benefit tax charge

If your income is over £50,000 and you receive child benefit then you need to complete a tax return. Child Benefit is worth £20.30 a week for the first child and £13.40 a week for every sibling. Under new rules that came into force back in January 2013 if a member of the household earns[...] Read more »

Students working in their holidays may be overpaying tax this year!

HMRC have scrapped the P38(S) form which allowed students working only in their holidays to ask their employer not to take tax off their wages. Previously students had the whole year to spread their tax allowance over; so if the annual income exceeded the threshold only then would they be liable for tax. Now the[...] Read more »