Has your child just completed their GCSE’s? Are they moving on to higher education? Well first of all congratulations!! Secondly, did you know that you must notify HMRC to save you missing out on thousands of pounds worth of child tax benefits?
According to Gov.uk, the tax man wants to know if your kids are moving on to sixth form, college or any government approved course as HMRC will assume that your 16-year-old will be starting work after school. This means that you will automatically lose both your child tax credits and child benefit payments.
Similarly, don’t forget to let HMRC know if your child drops out of a course in September and decides work is more for them, this will save any future repayments of child tax and benefits.
You can update your details online on your personal tax account and if you don’t have one you can easily set one up! All you need is your National Insurance number, a recent payslip or P60 and your phone for authorisation.
You can alternatively give HMRC a call on 0300 200 3100.
Make sure you let the tax man know by the 31st August to make sure your payments continue! You don’t want to miss out!