Deadline looms for high earners receiving child benefits

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...