Higher income parents currently receiving child benefit have less than four weeks to register for self-assessment with HMRC in order to avoid a penalty. Parents who did not stop their payments until after 7 January or who are continuing to receive child benefit, and with income 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. Parents who stopped receiving child benefit payments before 7 January 2013 do not need to take any action.
Higher income parents currently receiving child benefit have less than four weeks to register for self-assessment with HMRC in order to avoid a penalty. Parents who did not stop their payments until after 7 January or who are continuing to receive child benefit, and with income 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. Parents who stopped receiving child benefit payments before 7 January 2013 do not need to take any action.
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