When you're in love, there's nothing nicer than the idea of moving in with the person you want to spend all of your time with.
And while you may be aware of some of the costs that come with finding a new place with your loved one (we're talking deposits, new cutlery, that kind of thing), what you may not have considered are some of the more 'hidden' costs that can rack up.
If you have children and your partner earns more than £50,000 a year, you could find yourself hit with an unexpected tax bill - even if your partner isn't the child's parent.
This happens when someone earning £50,000 or more moves in with a partner who has children and claims child benefit, regardless of whether or not both adults living in a property are the child or children's parents.
The Child Benefit Charge means that a person who has an income of £60,000 or more would need to repay 100 per cent of the Child Benefit payment due to tax.
However, if one adult in the household isn't making National Insurance contributions, they can get National Insurance credits via Child Benefit until the child is 12 years old.
Critics are now calling for HMRC to overhaul the High Income Child Benefit Charge to protect the families who are falling victim to penalties every year.
The Office of Tax Simplification says an 'urgent review' into the charge is needed.
Speaking about the charges, Sean McCann, financial planner at NFU Mutual, said: "This little-known quirk is probably the last thing on anyone’s mind when they move in with a new partner.
"If you have a higher income than your partner and it exceeds £50,000, the onus is on you to tell HMRC and pay the tax bill. For some this runs into thousands of pounds."
The confusing nature of the charges leads many parents to opt out of receiving Child Benefit - but this is not always the best option.
Child Benefit payments can contribute towards State Pension, and opting out could land you with less money in your pension pot when you retire - so it's important to think carefully before making this decision.
According to Kay Ingram, Director of Public Policy at LEBC Group: "With each year’s credit worth £250 per annum of State pension, that is a serious concern and impacts women disproportionately widening the gender pension gap."
For more information on Child Benefit, any charges you can incur and how it can affect state pension, head to the official Government website.
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