AN EASY child benefit mistake could see parents missing out on £2,600 a year. Families that are eligible for the payment can’t just assume the money will arrive in their bank accounts. Child&…
But you can have the money paid weekly if you’re a single parent or getting certain other benefits like Income Support.
You can get the money paid into any account, apart from a Nationwide cashbuilder account in someone else’s name.Only one person can get the benefit for the child or children though so you'll have to decide which parent will get it., otherwise it can affect your National Insurance Contributions .have warned that putting the wrong parents name down could result in a £5,500 of lost income.
You will usually qualify for child benefit if you live in the UK and you're responsible for a child under 16.To be considered responsible for a child, you will live with them or you're paying at least the same amount as child benefit rates to look after them - for example food, clothes or pocket money.
It's important to note that eligibility changes if a child goes into hospital or care and if your child starts to live with someone else.You won't be able to get the full amount of child benefit if you earn over £50,000 and you'll get nothing at all if you earn over £60,000. That's because of something called the High Income Child Benefit Charge - but if it applies then it's still worth claiming.If either parent is earning over £50,000 they have to payThis means you pay back 1% of your child benefit for every £100 of income over this amount.The reduction applies when just one parent or guardian earns more than the threshold, and not on combined household earnings.
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