Penalties warning as child benefit deadline looms
Individuals earning more than £50,000 who have failed to opt out of child benefit and do not register for self assessment by 5 October risk being severely fined.
The deadline this year will for the first time have detrimental consequences for individuals or couples who earn more than £50,000 and who have claimed child benefit since 7 January 2013.
HMRC has said around 400,000 parents have opted out of receiving child benefit payments, with 530,000 registered for self assessment. That leaves around 220,000 people who still need to register by the October deadline.
With this key deadline approaching, and potentially steep penalties at stake, a number of tax experts have urged people to get in touch with HMRC.
Chas Roy-Chowdhury, head of taxation at the ACCA, told AccountingWEB...