Need Tax Advice? Stay Ahead Of The Game With Our Accountancy Services
At Harris & Co Chartered Accountants in Northampton, we keep our clients informed of any tax issues that may arise as part of our expert accountancy services. With our accountancy services you will always be compliant and ahead of the game.
As part of their regular updates to users of their specialist small business accountancy services and tax services, Harris & Co report that HMRC are reminding parents with higher incomes who have continued to receive Child Benefit after January 2013 that they need to register for Self Assessment by 5 October 2013. If they do not register by this date, they may receive penalties in relation to the High Income Child Benefit Charge.
HMRC have announced that approximately 2 million higher rate taxpayers will be written to over the next few weeks. This includes those affected by recent changes to Child Benefit. These taxpayers will receive a letter reminding them that if their income is above £50,000 and they or their partner received Child Benefit in 2012/13, they will have to complete a Self Assessment tax return for the 2012/13 tax year. They will also be required to register with HMRC for Self Assessment if they have not already done so. According to HMRC, over 390,000 people with higher incomes have already opted out of receiving Child Benefit.
Lin Homer, the Chief Executive of HMRC, said:
‘HMRC is committed to helping people pay the right amount of tax. If you have had certain changes to your income in the last year, including those affected by the changes to Child Benefit, you have until 5 October to register for Self Assessment.’
If the charge applies, the taxpayer will be required to register for Self Assessment for the 2012/13 tax year by 5 October 2013 if they want to declare any Child Benefit received, pay the tax charge on time and avoid any penalties.
Our Chartered Accountants Can Help You Stay Compliant With Self Assessment
If you would like any help or advice from a specialist chartered accountant here at Harris & Co chartered accountants on whether or not you need to register, or whether you should opt to stop receiving Child Benefit, get in touch. With our accountancy services, you can relax knowing that you are compliant with changes in regulations and keeping more of what you earn.
For more information please email firstname.lastname@example.org or phone 01604 660661.