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Weekly amounts of child / working tax credits and child benefit.
Child Benefit is receivable by a person responsible for each child who is under 16, or under 20 if they stay in approved 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.
We provide a range of accountancy services for individuals and businesses.
HMRC has published more details on how Making Tax Digital for Income Tax (MTD for IT) will work for buy-to-let landlords and sole traders with qualifying income over £10,000.
Average household energy bills will rise to £3,549 in October following the decision of energy regulator Ofgem to raise the price cap.
The Treasury Committee has urged the government to provide assurance that it is not 'flying blind' into a potential Emergency Budget this September.