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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 until they reach 16, or 19 if they stay in 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.
As well as general accountancy and tax skills, our 2 directors and 5 managers also all have individual specialist skills that enables us to provide our clients with a first class service.
The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year.
From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases.