Started a new job over a year ago and with bonus am achieving in excess of £50k, Mrs has 2 small shops which employ 4 people and breaks even each year. She doesn’t take a wage from it but will do one day.

Found out today that it looks like I will have to repay our child allowance through higher tax next year to offset it. If me and the Mrs both earned £49k each though we’d be able to “keep” it.

Who do I vote for in the next election to get rid of this stupid tax I have found myself victim to?

Life’s not fair..
In other news, £50k is quite a lot..
Enjoy it!

DrP

You are joking arent you?
On £50k a year, then saying you need an extra £20-35 a week.

Get in the real world where the majority of families live on well under £30k a year.

Tax? You’ve stopped taking a handout. Bask in your moral superiority.

Who do I vote for in the next election to get rid of this stupid tax I have found myself victim to?

Its such a bad idea it will no doubt have the tax threshhold reduced so as to capture more people.

The way its structured is stupid I agree as you can have families on 50k not getting it and those on 99k getting, the way they impose the limit is too- they don’t limit the payment, you need to fill in the tax return.

But most stupid of all is the fact that benefits get given to families on 49k income in the first place….

5thElefant – Member
Tax? You’ve stopped taking a handout. Bask in your moral superiority.

+1

that’s one of the reasons the state of the country’s finances are buggered; people going into the ballet box thinking how can I stuff my wallet?

Tbh, now I’ve read your misery, I seriously shall vote for the party who are imposing this tax upon you.

I mean ffs, wake up and smell the coffee, YOUR FRIGGIN LOADED!

Family of four here.. Two young kids.. We couldn’t bring in 50k in three **** years between us..

greedy **** bastard.. May your arse be plagued by a thousand fleas

Whoever gets voted in I hope they think long and hard about who the real scroungers are

I have just been on the HMRC website and paid back 1400 quid from the previous tax year due to child benefit over payments.

I find it difficult to complain, there are a lot of folks out there really hard up.

In December I got a bonus from work that equalled about 1400 after tax, about a week later got a nice little letter from the accountant telling me I owed same to HMG.

Lucky for me it happened in that order really.

If you are within a couple of grand of the 50k limit it would be worth making a pre tax payment in to your pension to get back under the limit

Ooh look… The benefit cheats are here now too!

Only gone completely at £60k I believe, £50k-60k you can opt to do a tax return. If you choose to do a tax return and earn >£50k you can choose to employ the services of an accountant. Accountants know the rules and how to play the game, if your conscience can live with that.

Started a new job over a year ago and with bonus am achieving in excess of £50k, Mrs has 2 small shops which employ 4 people and breaks even each year. She doesn’t take a wage from it but will do one day.

Found out today that it looks like I will have to repay our child allowance through higher tax next year to offset it. If me and the Mrs both earned £49k each though we’d be able to “keep” it.

Who do I vote for in the next election to get rid of this stupid tax I have found myself victim to?

How absolutely awful for you
Are there no food banks nearby you could turn to?

I’m on 50k every three years if I am lucky. 🙄

I had a similar conversation with someone recently, they were about to lose some child tax credit or other and they were not happy even though their salary is 45k+, seems the last labour government convinced us all that we’re entitled to some kind of benefit no matter how much we earn.

I don’t mind paying it back its the fact a household income of 90k wouldn’t be in the same position. I admit I have worked hard to get where I am and sorry I have annoyed some of you.

Bollocks, I speak for the rest of us who are not on this forum 24/7 that we all work hard!

You make me sick!

How about laying off the insults people and actually read what he put.

To answer the OP’s question, Labour’s definition of “the rich” is anyone who is a high rate tax payer – despite the fact that now includes many nurses, teachers and other roles historically viewed as underpaid.

With earnings well over the threshold for 40% the OP is in fact too well off and without realising, part of the reason there is inequality in the UK.

The OP should vote for Ed if he wants to make up for his pariah like status because Ed knows how to spend your money better than you do – even if that means most of it in reality will just be wasted – which is precisely why Labour introduced the tax credit system to ensure that families on benefits can receive the same income as the OP’s net wage without actually having to work.

What drac said. We fell foul of this logic and it’s not great.

The basic point is right- it’s daft that it doesn’t take into account the joint incomes. But the fix is probably to change it so that it does, and the cap is £50000 for both not £50000 per person.

OP yes you are right it’s just one of a series of daft tax laws, same applies to total tax paid due if you both earned 50k vs one of you earning 100k. It was time child allowance was means tested, I personally think the limit should be higher than £50k but afaik no party is suggesting to remove this, certainly not Labour, Lib Dem or Tory

There are some bitter people on here.

Should have listened harder at school……

I’m joking FFS 😉

what nw says and balming labour for what the tories did to the rich is rich 🙄
ps what nurse hits higher rate tax ?

Universal benefits are pretty stupid. The whole thing about couples income makes sense but would be really hard to enforce. I dont want to get married just to fit in with the tax system.

ps what nurse hits higher rate tax ?

Not many I wouldnt think. Very few classroom teachers either.

same as most other tax laws – a load of over complicated ill-conceived shite

I’d be more sympathetic to the bitter majority on here if I thought their deep seated socialist political ideology had any traction other than either petty jealousy or a general lack of empathy for anyone not in their exact circumstance

I hammered the overtime budget to the detriment of family life and fell foul of this one year……..guess what I did the next year?
Not ashamed of it either as like the EMA that came out that my kids couldn’t get whilst those just under the threshold the kids were living the life of Riley on their £30 a week.
As for who to vote for, I actually voted for the party that were still screwing over policing numbers, pensions and conditions as they were overall based on policies the best at getting the country out the shit IMO. But then my opinion counts for nothing in respect of politics, same as religion.

But maybe if you pay that much tax you deserve a little back?

a load of over complicated ill-conceived shite

It was done this way as it was simple and cost effective to administer
If you pay higher rate tax you loose it.

[video]https://www.youtube.com/watch?v=euI3v2jpTlI[/video]
I do feel for Jemima and Tarquil though….

ps what nurse hits higher rate tax ?

A few at the top band 6 working night/weekends shifts and in 7 working night/weekend shifts.

Put some extra into your pension, or maybe Cycle-to-Work?

She doesn’t take a wage from it but will do one day.

Eh, works for nothing?

tbh We both work for ourselves and one of the very important things to consider when paying yourself is what the various tax and benefit thresholds are. We don’t make the rules, but nothing wrong with working to them 🙂

OP-because of your post just realised I’m just over the threshold. Did you get a letter informing you or do you normally fill out a self assessment form every year anyway? Will give them a ring on Monday to try and sort it out.

No higher rate taxpayers should be getting Child Benefit.
I think what irks the OP is the unfair way it is implemented.
Take a set of neighbours, both with the 2 kids. Once pair earn £49,999 each. In the other pair, one earns £60K and the other stays at home looking after the kids. The first family earn almost £100K and get £1800 child benefit. The second family don’t get any.
Taking it away from both families would be much fairer.

sgn23, how do you do it though.