Child Benefit Warning for Higher Income Families
From: Ben Davies
HM Revenue & Customs are now sending reminders to parents on higher incomes who are still receiving Child Benefit that they should register for Self Assessment if they have not already done so.
Parents with incomes of over £50,000, who have continued to receive Child Benefit and are not already in the Self Assessment system should register by 5 October 2013 to avoid any penalties.
Reminders are currently being sent out to over 2 million taxpayers according to HM Revenue & Customs but we can be fairly sure that there will be some who do not receive the reminder.
If your income is over £50,000 and you or your partner have received Child Benefit in the year to 5 April 2013 you will need to complete a Self Assessment Tax Return for the 2012/13 tax year.
Contact Pierce for more details.