Child Benefit Warning for Higher Income Families

Child Benefit Warning for Higher Income Families

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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.

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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.

Check whether the tax charge applies and register.

Contact Pierce for more details.