It is really important to remember that the changes to high income child benefit charge (HICBC) raising the threshold to £60,000 from £50,000 will not help taxpayers for 2023-24 tax year returns. This will only kick in for next year’s self assessment tax return season.

Dean Butler, managing director for retail direct at Standard Life, said: ‘Tax returns aren’t known for being fun, but it’s important to understand what’s required and file it on time to avoid any penalties which can be costly – last year, HMRC collected a record £220m in late-filing fines.

‘This year, make sure to avoid falling into the child benefit gap – from the current tax year, you’ll need to earn £60,000 to pay the high income child benefit charge but for the 2023/24 year it’s still £50,000. Make sure to avoid any nasty tax surprises further down the line.’

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