Child benefit claim: why you may need to note this key date in 2020

Child Benefit can be claimed if a person is responsible for bringing up a child who is under the age of 16, or under the age of 20 if they stay in approved education or training. However,

only one person can get Child Benefit for a child. The payment is made every four weeks and there’s no limit as to how many children can be claimed for - although the rates do vary depending

on who the allowance is for. As well as receiving the money, by claiming Child Benefit, the individual can get National Insurance credits, and these count towards the state pension. If the

recipient or their partner have an individual income of more than £50,000, they may be taxed on Child Benefit. This is known as the High Income Child Benefit Tax Charge. READ MORE: CHILD

BENEFIT: WHY MOVING IN WITH NEW PARTNER COULD LEAD TO TAX CHARGE In the run-up to the deadline, Express.co.uk asked Chartered Financial Planner and Director of Public Policy at LEBC Group

whether there was anything else people need to be aware of with regards to the deadline, specifically in relation to Child Benefit. Ms Ingram explained: “If this is the first time you have

been liable for Child Benefit tax and do not ordinarily file a self-assessment return, you should register with HMRC by October 5 in the tax year following the start of the liability. “So

new parents and those whose income exceeds £50,099 for the first time should register by October, 5 2020 for the current tax year. “This may mean that your tax liability can be collected via

your tax code which is easier for those with steady income, which does not change year on year. “Those affected may consider reducing taxable adjusted income in future years, so that more

of the Child Benefit can be paid tax free.” While asking an employer for a pay cut may not be something people are likely to be interested in doing, Ms Ingram explained that there are

alternative ways to reduce taxable adjusted income without being paid less. “As well as making charitable gifts and pension savings, the higher income adult could consider changing ownership

of some income producing assets to the lower income adult,” she said. “This would also save income tax as well. The deadline for this in the current tax year is April 5, 2020.” Child

Benefit rates are set to rise in April, following the end of the government’s freeze to working-age benefits. The increase will be 1.7 percent, in line with inflation. Child Benefit rates

are currently £20.70 per week if the allowance is for the eldest or an old child. For any additional children, the weekly rate stands at £13.70 per child.