Child benefit not being declared on self assessment return since 12/13. Earnings over £60K for all years. Able to amend 2016/17 today. What is procedure for disclosing benefit 2015/16 back to 2012/13. Have always being under self assessment.
Secondly will HMRC issue penalties - In light of recent tax cases, as tax has not being underpaid i.e. HICBC is a charge or repayment of benefit, can HMRC charge penalties if not included on tax return for those years as there has been no loss of 'tax'?
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Out of date years will be dealt with informally, by letter.
HMRC announced a relaxation of penalties in certain cases and I would be advocating that this is one of those certain cases, particularly as they've not said very clearly what those certain cases might be.
I had this going back years for a client last year. He wasn't in self assessment at the time but those backdated returns were issued which we filled in and HMRC issued a repayment plan with no penalties.
You should be able to get this penalty free.
On a side note, isn't it about time they renamed it the 'Moderate Income Child Benefit Clawback' or something more appropriate? I appreciate that it's not like having an 'expensive' car at £12k, or a 'higher paid employee' on £8,500, but £50 isn't really all that much these days, surely.
At the very least they should push the threshold up to £75k or so
....... £50 isn't really all that much these days, surely.
You're right there.
Way below the tax and NI thresholds.
Mr_awol wrote: ....... £50 isn't really all that much these days, surely.
You're right there.
Way below the tax and NI thresholds.
Trivial Income Child Benefit Charge? ;)
I wonder how many of these cases go undetected each year? This sort of 'retro income level assessed tax collection' has to be amongst the least efficient.
Tons! Someone told me nobody does an exercise to check higher rate pension relief claimed on SA versus relief claimed by pension fund companies! Surely, that would be easy enough?