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Child Benefit has been controversial for some time because it is paid on every child, with no means testing requirements. Now, in these more frugal times, the Government has taken the decision to radically overhaul the benefit and who receives it.
Currently, Child Benefit is paid at a rate of £20.30 a week for the eldest child and £13.40 a week for subsequent children.
The changes are as follows:
How the changes will be enforced:
Rawlinsons’ experts can review your income to calculate the financial effect the changes will have. Where appropriate they may be able to review your current profit extraction structure.
Rawlinsons is a firm of Chartered Accountants, Business and Tax Advisers providing a complete range of accounting, business, taxation and specialist services to more than 3,000 clients.
The Peterborough-based firm has seven partners, a 60-strong team and 70 years of history.