Backdated Child Benefit when income drops?
If a client elects to stop receiving Child Benefit but then his income drops can he get it backdated?
I've found a wealth of conflicting advice online and elsewhere!
The Child Benefit Helpline told me that there is no legal entitlement for it to be backdated.
I found articles online stating that it could be backdated to when it stopped, it could not be backdated, and it could be backdated three months.
Eventually, I believe the legislation is that: “If you or your partner's income drops to below £60,000 for a full tax year, you can apply to restart your Child Benefit payments for up to two years after the end of that tax year and the election will be revoked.”
Now I'm still a little confused. Does that mean that the the election is revoked and you just get it backdated two years from the end of the tax year in which the income dropped? Or will you get it completely backdated?
If your income is say £55,000 will you get the full amount backdated, then have to do a revised SA return, pay some back (with interest + surcharges) or will they deduct a clawback before paying it?
Are there any experts out there who have a definative answer to this?
- Non-Resident Director - UK Tax Position? 390 4
- Employment support allowance and self employed 125 3
- Company pays me the mileage rate of a company vehicle 77 1
- Registered Office 137 3
- PAYE coding notice - deliberate misstatement 1,477 23
- recovery of S455 on informal winding 311 5
- Partnership Registration 100 2
- Can you declare dividends and not withdraw them 899 36
- Owners loan to business - is interest taxable 104 2
- Would this save hours of your time? 681 12
- Audit Required 1,182 22
- HMRC to sell our tax data to private companies 303 9
- Residential Management Companies 86 2
- Value pricing 2,852 37
- Problems with CT600 filing 396 5
- Flat rate scheme - which rate to use? 390 11
- Payroll software for Mac 119 1
- Online / Cloud Data Back Up 113 2
- Excel problem - pivot tables and multiple data sources 215 5
- CIS and Close Company 207 6
- Residential Property Purchase Above £750K 943
- Using Sage with Sofa Categories 660
- Understanding the implications of January 2015 VAT changes for downloads on threshold for VAT registration 396
- transferring simply accounting 2010 from xp to windows 7 331
- rent-a-room allowance for part of the year 259
- HMRC Second Income Campaign - not so much a question as heads up 250
- Paye procedures for CVA 249
- Expenses Re-imbursed on the VAT Flat Rate Scheme 195
- Compliance Checks - Time limits 192
- Pension Fixed Protection 187