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News - 3 October 2013

Child benefit Deadline approaches

Individuals earning more than £50,000 who have failed to opt out of child benefit and do not register for self assessment by 5 October risk being severely fined.

The deadline this year will for the first time have detrimental consequences for individuals or couples who earn more than £50,000 and who have claimed child benefit since 7 January 2013.

HMRC has said around 400,000 parents have opted out of receiving child benefit payments, with 530,000 registered for self assessment. That leaves around 220,000 people who still need to register by the October deadline.

With this key deadline approaching, and potentially steep penalties at stake, a number of tax experts have urged people to get in touch with HMRC.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“In the majority of cases, the individuals may not be aware of the need to register for Self Assessment. In these cases there will be penalties of £100 for not informing HMRC, and then further penalties for not declaring the income and tax on that, and that will run up to hundreds of pounds.”

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The maximum penalty is the net amount of tax due on 31 January following the tax year for which the return is not filed. Therefore, if say £10,000 of rental income was received and £4,000 tax due, but unpaid as HMRC have not been notified and a return has not been filed, a penalty of £4,000 could be due.”

You can see our original article on this subject by clicking HERE

If you are unsure and need any help and advice on Self Assessment or want the burden taken off your hands, contact the ABDS Tax Department Now.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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