Child Benefit Self-Assessment Deadline !
If you are receiving child benefit, you may be liable to a new tax charge if you or your partner earn an individual income of more than £50,000.
The reminder from HMRC follows the introduction of the High Income Child Benefit Charge (HICBC), which gradually withdraws the benefit for those earning over £50,000. Figures from HMRC show that over 370,000 have opted out of receiving child benefit since the HICBC was introduced on 7 January 2013.
HMRC have stated that those who have already opted out do not need to take any further action. But those who continue to receive the benefit will have until 5 October 2013 to register for self-assessment and repay the benefit received between January and April 2013.
You can find more information about the high income child benefit charge here www.hmrc.gov.uk – high income charge
If you need advice or help with your self assessment, contact us on 0845 365 1000.