Deadline looms for high earners receiving child benefits

clock

Higher income parents who continue to receive child benefit payments have one month to register for self-assessment.

Parents who stopped receiving payments after 7 January 2013 or who are continuing to receive child benefit, and who earn over £50,000, must register for self-assessment for the 2012-13 tax year by 5 October 2013.  This will enable them to declare the child benefit received, pay the tax charge on time and avoid penalties for failure to notify HMRC on time. Failing to register in time could result in a fine of up to 100% of the tax due, depending on the circumstance. Parents who stopped receiving child benefit payments before 7 January 2013 are not required to take any action. HMR...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax Planning

Majority of advisers think NI cut will not boost pensions savings

Majority of advisers think NI cut will not boost pensions savings

Only one in ten think people will put the extra cash into pensions savings

Isabel Baxter
clock 11 March 2024 • 1 min read
Partner Insight: Royal London's Fiona Hanrahan — 'Your top tax year end questions answered'

Partner Insight: Royal London's Fiona Hanrahan — 'Your top tax year end questions answered'

Fiona Hanrahan, Senior Intermediary Development and Technical Manager, Royal London
clock 08 February 2024 • 3 min read
Treasury collects £2bn in 12 weeks as IHT receipts continue to soar

Treasury collects £2bn in 12 weeks as IHT receipts continue to soar

Figure breaks down at £22m a day for the government’s coffers

Hope William-Smith
clock 21 July 2023 • 2 min read