Caporegime
Just got a letter from HMRC asking me if I should have been paying self-assessment income tax on child benefits my wife and I have been receiving for the past...while.
Has anyone else received one of these recently? I know there are those that will perhaps fairly say I should have known about it and I'm sure I'll get blasted for this thread, but I wasn't aware of the charge and assumed all of this type of thing would flow through PAYE anyway.
I'm now slightly concerned that I'll have £xk to pay to the tax man in child benefit receipts that I wasn't entitled to, plus potential penalties and interest.
I believe I can gift my wife's pension fund a certain amount to reduce my gross taxable pay and that this can be done for prior years too.
Does anyone have any experience of this scenario?
Thanks.
Has anyone else received one of these recently? I know there are those that will perhaps fairly say I should have known about it and I'm sure I'll get blasted for this thread, but I wasn't aware of the charge and assumed all of this type of thing would flow through PAYE anyway.
I'm now slightly concerned that I'll have £xk to pay to the tax man in child benefit receipts that I wasn't entitled to, plus potential penalties and interest.
I believe I can gift my wife's pension fund a certain amount to reduce my gross taxable pay and that this can be done for prior years too.
Does anyone have any experience of this scenario?
Thanks.