New parents, take note! With September 26th being the most popular birth date in the UK, HM Revenue and Customs (HMRC) is urging all new parents to claim their Child Benefit. The process is quick, easy, and can be completed online, with the first payment potentially arriving within a week of your claim.
Why Child Benefit Matters
It offers more than just financial support:
- Financial Aid: Receive up to £1,331 annually for your first child and £881 for each additional child.
- Future Security: Gain National Insurance (NI) credits, contributing to your State Pension – crucial for parents taking time off work to care for their children.
How to Claim
You can start your claim just 48 hours after registering your baby’s birth. Here’s what you’ll need:
- Your child’s birth or adoption certificate
- Your bank details
- National Insurance numbers for you and your partner (if applicable)
- For children born outside the UK: original birth/adoption certificate and passport/travel document
Submit your claim via the HMRC app or the GOV.UK website.
High Earners: What You Need to Know
If your household income exceeds £60,000, you may face the High Income Child Benefit Charge. While you can still claim, be aware that your benefit amount might be reduced. Use HMRC’s online Child Benefit tax calculator to estimate your potential benefit and any applicable charges.
The income threshold increased from £50,000 to £60,000 in April 2024. If you previously opted out due to the lower threshold, you can now restart your payments using the online form on GOV.UK.
Protecting Your Future: NI Credits
Even if affected by the High Income Child Benefit Charge, don’t forget to claim for NI credits. These are vital for building your State Pension entitlement:
- 10 years of NI credits: Qualify for some State Pension
- 35 years of NI credits: Claim the full State Pension amount
Whether you’re a new parent or know someone who is, make sure to claim Child Benefit as soon as possible. It’s a smart way to support your family financially and secure your future pension.
For more information, visit: GOV.UK Child Benefit Page
Further Information
For more information on how to claim Child Benefit, please contact your usual NRB advisor or our payroll team.
Click here to find out more about our Payroll services.
