HM Revenue and Customs (HMRC) is encouraging individuals earning under £80,000 per year to verify if they are eligible for extra financial support. The government department posted on social media, advising people to “make sure you’re not missing out on money”.
In the UK, parents and carers can claim Child Benefit, a form of financial assistance aimed at helping with the costs of raising children. This benefit, paid by HMRC, provides a sum for each child under 16, or 20 if the child is in full-time education or approved training.
Additionally, receiving Child Benefit contributes to National Insurance credits towards a person’s State Pension. Currently, Child Benefit pays £25.60 per week for one child, amounting to £1,331.20 annually.
For each additional child, £16.95 is paid weekly. Therefore, parents with two children receive £2,212.60 per year, and those with three children receive £3,094 per year.
As of April 6, 2024, the maximum earning threshold to receive any Child Benefit is £80,000. However, if your income exceeds £60,000 per year, you may be required to pay a High Income Child Benefit Charge, reports the Liverpool Echo. HMRC has recently issued a reminder for individuals to check their eligibility for the benefit.
In a post on X, HMRC stated: “Think you earn too much to receive Child Benefit payments? Check again to make sure you’re not missing out on money. To see what you could get, use our Child Benefit tax calculator below, before restarting payments online or in the HMRC app.”
If you or your partner earn £60,000 or less annually, you are eligible to claim the full amount of Child Benefit if the child resides with you, or if you’re contributing an equivalent weekly sum as the benefit towards their upkeep. However, only one parent or carer can claim it per child, as highlighted by the Express.
Child Benefit, along with numerous other benefits, is set to increase by 1.7% come next April. With the onset of the new financial year, the rates will escalate to £26.05 per week for the eldest or only child and £17.25 for any subsequent children.
This implies that the benefit will be valued at £1,354.60 annually for a single child from April 2025, or £2,236 for two children and £3,117.40 for three children each year. You can apply for Child Benefit 48 hours after registering the birth of your child, or once a child starts living with you, and it can be backdated for up to three months.