This year my company was sold and I had some stock options so made a bit of cash from it (whahoo). My wife doesn't work and we have 2 kids and previously we were very slightly under the threshold at which you start having to pay back some of your child benefit. However, now we're unexpectedly quite a bit over it.
I just rang the child benefit people and they tell me that I should probably register for self assessment. I was quite tempted just to unregister for child benefit but apparently If I do that then my wife will stop getting the automatic national insurance stamp each year and will lose years of state pension..
So I'm in the unenviable position of now having to register for self assessment simply so that I can pay back money which we're going to get back in the form of child benefit. That means I need to start saving, specifically to pay things back etc..
Does anyone have any suggestions to avoid this farce? To be honest, the only reason I even knew about this is because I follow the news. I haven't had any information from HMRC that it might be a possibility. Does that mean there's thousands of people out there who are falling into this trap without even knowing and are suddenly going to be handed a large bill?