From 7th January 2013, you may be liable to a new tax charge if you, or your partner, have an individual income of more than £50,000 and one of you is receiving Child Benefit. It may also apply if someone else receives Child Benefit for a child that lives with you.
If you intend to keep receiving the Child Benefit, you need to register with HM Revenue & Customs (HMRC) for Self Assessment by 5th October 2013. The easiest way to do this is online at HMRC’s website www.hmrc.gov.uk but there is still a paper form to use if you’d prefer.
Your tax return will cover the year ended 5th April 2013 but you only need to declare the amount of Child Benefit you, or your partner, are entitled to receive for the period 7th January 2013 to 5th April 2013.
This tax return needs to be submitted to HMRC by 31st October 2013 if you file it on paper; or 31st January 2014 if you file it online. Any tax arising must be settled by 31st January 2014.
If you would like any assistance in dealing with your tax affairs, please do not hesitate to contact us.
By Jo Nockels
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.