News
Around 165,000 parents miss child benefit deadline
07 - 10 - 2013
An estimated165, 000 people have missed the October 5th deadline to register for Self Assessment over their collection of child benefit.
Higher income parents in receipt of child benefit were asked to register with HMRC for Self Assessment before midnight on Saturday or face fines. Child benefit entitlement changed in January of this year.
Families where one parent earns more than £50,000 a year lost a proportion of their child benefit on a sliding scale – 1 per cent for every £100 earned over this threshold. Families where one parent earns more than £60,000 lost all entitlement to child benefit.
Around 29,000 people registered over the weekend before the deadline.
Minimise penalties
HMRC has advised those who did not meet the deadline to register as soon as possible.
‘Although we are past the deadline, people should still register for Self Assessment to minimise any penalties they may face,’ an HMRC spokesperson warned.
People who missed the deadline face fines between 10 per cent and 100 per cent of the tax they owe.
However, HMRC said that as long as parents register and file their Self Assessment tax returns by January 31 2014, penalties for failing to miss the deadline will be disregarded.
To register for Self Assessment, parents can call HMRC on 0300 200 2210 or fill out the paperwork online.
Those who were already registered for Self Assessment just need to include the amount of child benefit when they complete their forms.
Further information for the self-employed
If you are self-employed and would like more information about registering for Self Assessment, please do not hesitate to get in touch with us by calling 01244 625 500.
