Deadline to register for self assessment tax return is 5th October
You may never have worried about filling in a tax return before now. Unfortunately you could be in for a shock and a penalty if you fail to register a new source of income for the tax year ending April 2013. You have until October 5th to register any change in circumstances with HMRC. This is particularly likely to affect those employees with earnings over £50,000 still claiming child benefit.
So Who Needs to complete a tax return?
You need to complete a self assessment tax return if any of the following apply:
You are self-employed
You are a company director, unless it is a non-profit organisation and you don’t receive payments or benefits
You are a Minister of Religion of any faith
You are a Lloyds Name/Member
You have annual income over £100,000
You are an employee/pensioner … Read More »
Most people will now be aware that higher earning parents will be entitled to less child benefit from today, but it seems that rather a large number of parents are unaware that this will draw them into completing Self-Assessment tax returns.
HMRC estimates that there are around 700,000 households with one parent earning over £60,000. HMRC wrote to higher earning child benefit recipients giving them a deadline of 6th January to opt out of receiving child benefit or pay the Higher Income Child Benefit Charge (HICBC) where one parent earns over £50,000. From today where a parent continues to receive child benefit it will be repayable as HICBC at a rate of 1% of child benefit paid for every £100 of income over £50,000.
Around 200,000 taxpayers took the opt-out and will no longer be paid child benefit. The remaining 500,000 will … Read More »