HMRC cash boosts for people earning less than £80,000 | Personal Finance | Finance
HM Revenue and Customs (HMRC) is encouraging people who earn less than £80,000 a year to check if they can claim additional financial support.
The tax authority frequently shares social media posts which urge people to “make sure you’re not missing out on money”.
Parents and carers across the UK can apply for Child Benefit, a payment designed to assist with the expenses of bringing up children. The funds, distributed by HMRC, provides claimants with money for each child aged under 16, or up to 20 if they remain in full-time education or approved training.
Claiming Child Benefit also builds up National Insurance credits that count towards an individual’s State Pension. At present, Child Benefit provides claimants with £26.05 a week for one child, some £1,354.60 a year.
For every subsequent child, the payment is £17.25 per week. Therefore, families with two children receive £2,275 yearly, while those with three children get £3,172 annually.
As of April 2024, the upper earnings threshold to qualify for any Child Benefit stands at £80,000, though those earning above £60,000 annually may need to pay what’s known as a High Income Child Benefit Charge.
HMRC regularly reminds people to check if they are eligible. One message on X, formerly Twitter, reads: “Think you earn too much to receive Child Benefit payments? Check again to make sure you’re not missing out on money.”
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 lives with with you, or if you contribute an equivalent weekly amount towards their upkeep.
Only one parent or carer can claim this benefit per child.
Child Benefit is set to increase by 3.8% in April next year. From the start of the new financial year, the rates will rise to £27.05 per week for the eldest or only child and £17.90 for any additional children.
This means that from April 2025, the benefit will be worth £1,406.60 annually for one child, £2,337.40 for two children, and £3,268.20 for three children per year.
You can claim Child Benefit 48 hours after registering the birth of your child, or once a child comes to live with you, and it can be backdated for up to three months.
