HMRC warns parents not to miss out on up to £2,212 a year - full details
by Kieran Isgin · ChronicleLiveParents across the UK are being urged not to miss out on up to £2,212 a year in additional financial support, thanks to Child Benefit. This benefit is designed to assist parents raising children under 16 (or 20 if they remain in education or training), with no cap on how many children can be claimed for.
A family can receive £25.60 a week for their eldest child and an additional £16.96 a week for any other children. This amounts to £1,331.20 a year for one child and £2,212.60 a year for two children.
According to the latest figures from HM Revenue and Customs, six million families across the UK are receiving payments from Child Benefit. However, thousands of families are missing out on this extra financial support.
Data obtained by The Sun indicates that around 214,000 eligible parents fail to apply for Child Benefit each year. An added bonus of the benefit is that it awards National Insurance Credits, which could help boost some parents' State Pension.
Generally, a minimum of 10 years' worth of credits are required to claim the State Pension, while 35 years of credit are typically needed to receive the full State Pension. This is particularly beneficial for parents not in paid employment and those not receiving NI credits from their employer, reports the Manchester Evening News.
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High Income warning
The main disadvantage of Child Benefit is the high income charge. If a parent or their partner's income exceeds £60,000 per annum, they may be required to pay an additional charge on their benefit.
This continues until a parent's individual income surpasses £80,000 - at which point the entire benefit amount must be repaid, essentially rendering it useless unless you become unemployed and require the benefit for the NI credits it offers.
How to apply
To apply for Child Benefit, a family will need:
- their National Insurance number and that of their partner, if applicable.
- the child's original birth or adoption certificate and passport or travel document, for children born outside the UK.
- their child's birth or adoption certificate.
- their bank account details
A claim can be initiated 48 hours after a child's birth has been registered or when a child comes to live with you. Additionally, a claim can be backdated up to three months.
It's crucial to remember that only one person can receive Child Benefit for a child, so if there are two parents, you'll need to decide who will receive the payment. This will also be the person who receives the National Insurance credits from the claim, which may influence your decision.
Child Benefit applications can be made online via GOV. UK, where you will be given a form to complete.
In some instances, you may need to print and send the completed form to HMRC along with supporting documents.
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