HM Revenue and Customs (HMRC) is urging high-income Child Benefit parents who have not yet submitted their tax return to take action now, or face penalties.

Parents with incomes above £50,000 who continued to receive Child Benefit after 7 January 2013 have to pay a tax charge. This is based on their incomes and how much Child Benefit they received in the 2012-13 tax year.

Those who have already registered must now file a return before 31 January. Those who have neither registered nor opted out must register for Self Assessment Online now, to enable them to send an online return by the 31 January deadline. This is because online registration can take up to seven working days to complete, as HMRC has to send an Activation Code in the post.

The deadline for paying any tax owed for 2012-13 also falls on 31 January.

HMRC Chief Executive Lin Homer said:
“The registration process is easy. We know that many parents are newcomers to Self Assessment, so it is really important they register and file online to avoid getting a penalty.”

To register for Self Assessment online, visit www.hmrc.gov.uk/signup and follow the on-screen instructions. Taxpayers will immediately get a User ID and, once they’ve received an Activation Code, they can activate their account. They can then complete their tax return online.

A short You Tube question and answer video with HMRC’s Ruth Owen can be viewed at http://youtu.be/WmDDnSAUANc

 

January 14, 2014