By Lyndsey Hall
The day many Brits had been waiting for came last week when Prince George, the future King of England, finally arrived on July 22nd. George may have been the bookies’ favourite for the name of the newest addition to the royal family, but we at Knowles Warwick were rather hoping for Arthur – it’s been a while since we had a King Arthur!
Will and Kate’s new arrival may have gotten some of you thinking about your own family – whether you are just beginning to think about starting a family or already have a bouncing brood of bairns, it’s important to know where you stand with regard to financial assistance and Child Benefit.
Even with the recent introduction of the High Income Child Benefit Charge (HICBC) for individuals earning over £50k per year, it could be beneficial to register a claim, for example if one spouse stays at home, as you will not be eligible for National Insurance credits in respect of “home responsibilities” without a registered claim. With higher income families, it may even be possible to organise your finances so that you don’t lose all of your child benefit as soon as you receive it.
For those of you who are lucky enough to have your own company, have you considered offering a Childcare voucher scheme to your employees? Or if your employer offers such a scheme, do you know what you are entitled to? Even if you are a one-man/woman band with no employees, you may wish to take advantage of such a scheme yourself; a director is treated as an employee for tax purposes.
With the latest figures suggesting that the average cost of a child could be more than the price of a house, at around £222,000, we at Knowles Warwick know that every little helps. If you would like some impartial advice about your rights and the help available, whether you are an employer or an employee, or even a stay-at-home parent, just give us a call or leave us a message in the Comments and we will be happy to answer any questions.
May 2015 Update: the Duke and Duchess of Cambridge have now welcomed a daughter into the family, Princess Charlotte of Cambridge!
September 2017 Update: Kensington Palace has announced that the Duchess of Cambridge is pregnant with the couple’s third child.
April 2018 Update: the Duchess of Cambridge gave birth to a son, Prince Louis, on 23rd April. Congratulations Will and Kate!