Higher Income Parents – time is running out to register

posted on September 27, 2013in the Blog Category

Higher Income Parents – time is running out to register

If your income is in excess of £50,000 and you have received Child Benefit after 7 January you need to register for Self Assessment for the tax year 2012/13 by 5 October 2013. Those who fail to register could face a penalty of up to 100% of the tax due. The High Income Child Benefit Charge came into effect on 7 January 2013 and applies to an individual with an income of over £50,000 a year who either received child benefit payments after 7 January 2013, or who has a partner who received the benefit. The partner with the higher income is liable to pay the charge if both partners have income over £50,000 If this affects you need to contact us as soon as possible. Elaine Jess, Partner

Written By: MBL

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