google-site-verification: googlebc47d07320294fb4.html

Has your child turned 16? Act now to keep claiming Child Benefit!

Child Benefit automatically stops on the 31st August following your child turning 16. However, it can still be claimed for children continuing their education or entering into training. You’ll need to be quick – to continue receiving child benefit for next year, you will need to let HMRC know.

You have just 6 days – until 28th August to make HMRC aware that your 16-year-old is continuing their education in some way, otherwise your payments will stop.

You should have received a letter warning you that Child Benefit will stop now your child has turned 16, but life is busy – and it can be easy to forget to update HMRC on your child’s plans. However, forgetting to do this paperwork could be an expensive mistake – with the cost of living at a high, losing Child Benefit unnecessarily could be detrimental to many.

Child Benefit is currently worth £1,248 each year for the first child and £826 per year for additional children – a massive help for many, especially with the rising costs of food and clothing.

Alice Guy, Head of Pensions and Savings, interactive investor says:

“Children are still eligible for Child Benefit who are studying full time, which can include, A-levels, International Baccalaureate, home education – if it started before their child turned 16 or after 16 if they have special needs, T levels, NVQs, up to level 3 and traineeships in England.

“Although parents earning between £50,000 to £60,000 will start to lose their Child Benefit, it can still be worth claiming. Your pension contributions reduce your contributions as far as the taxman is concerned, so you may be entitled to keep at least some of your Child Benefit.”

The post Has your child turned 16? Act now to keep claiming Child Benefit! appeared first on MoneyMagpie.

Original source: https://www.moneymagpie.com/make-money/has-your-child-turned-16-act-now-to-keep-claiming-child-benefit

Leave a Reply

Your email address will not be published. Required fields are marked *

+ +