Thursday, 19 September 2013

Self-Assessment tax returns & Child Benefits

Those earning over £50,000 per year and claiming Child Benefits must now declare these benefits through the Self-Assessment tax return process. Failure to do so could result in a penalty.

High income earners must register by 5 October 2013 to avoid a penalty.

HMRC has added the Child Benefit declaration to the self-assessment tax return process but it seems that it has not been widely advertised. High income earners who are employed under PAYE schemes and who may not have filed self-assessment tax returns before may not be aware or prepared for this.

If you are in this category then you must call the HMRC helpline as soon as possible and request a Unique Tax Reference (UTR). It will take HMRC up to two weeks to issue the UTR so this should be done immediately.

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