Call for review of High Income Child Benefit Charge

The Low Incomes Tax Reform Group (LITRG) is calling on the government to address issues with the High Income Child Benefit Charge (HICBC). The HICBC is designed to claw back child benefit where the claimant or their partner earns in excess of £50,000. According to LITRG some households think making a child benefit claim is… Continue reading Call for review of High Income Child Benefit Charge

Is your child about to collect their GCSES? – You need to tell the Tax Man

(A-levels, further education or an approved training course, you MUST tell the taxman if you're claiming child benefit or risk losing out on thousands of pounds a year) June was a busy period for students throughout the UK as they completed their GCSE and A-Level exams, but what happens to your child benefits afterwards? Your… Continue reading Is your child about to collect their GCSES? – You need to tell the Tax Man

Why has my tax code changed?

“How do I know if my tax code is correct?” Your tax code is used by your employer to calculate how much tax needs to be deducted from your pay. HMRC tells your employer which code to use to collect the right amount of tax from you. You can check your income tax online to… Continue reading Why has my tax code changed?

Tax-free childcare roll out

The implementation of Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, is being rolled out to eligible parents in stages. The scheme first made its debut in April 2017 and although there have been initial systems problems, HMRC's aim is to have the scheme open to all eligible… Continue reading Tax-free childcare roll out

Did you look after your Grandchildren this summer?

Get paid to babysit! Did you look after your Grandchildren this summer?  If they are aged under 12 you could be missing out on the chance to boost your future State Pension. Top Grandparent facts: 1 in 4 working families and 1 in 3 working mothers use Grandparents for childcare 63% of all Grandparents with… Continue reading Did you look after your Grandchildren this summer?

Are you a parent? What are your childcare choices?

In our Winter 2016 newsletter we led with an article about the new Tax-Free Childcare scheme that was expected to be launched in early 2017. HM Revenue and Customs have today launched the Childcare Choices website which can be reached from the related article: https://www.gov.uk/government/news/uk-families-will-soon-see-bills-cut-as-date-announced-for-the-launch-of-tax-free-childcare The article also gives details of the availability of up… Continue reading Are you a parent? What are your childcare choices?

Spring Budget 2017

I am sure that you have seen the headlines in the papers this morning about the Budget and for a detailed analysis please see the report on our website: http://www.torrwaterfield.co.uk/news/budget-report. The items that have caught my attention and I think are relevant to most people are as follows: National Insurance for the self-employed At present,… Continue reading Spring Budget 2017

Shared parental leave – What are you entitled to?

Shared parental leave (SPL) allows employed parents and adopters to share leave and pay with their partner to care for children from birth until their first birthday. Only employees can take SPL; they must have a partner (separated partners still qualify if sharing responsibility for care of child at the time of birth) SPL allows… Continue reading Shared parental leave – What are you entitled to?

Childcare and employer provided childcare vouchers.

Are you a working parent with a child entered into child care? You could benefit from a cash saving scheme that works with childcare providers.................. Childcare vouchers are a government approved benefit for all eligible working parents. These are a tax efficient way of paying for childcare that won’t cost you anything to join. Most… Continue reading Childcare and employer provided childcare vouchers.