Parents could receive a fine due to child benefit changes
A warning has been issued to parents who have not signed up to fill in self-assessment forms.
Over a thousand parents have not signed up to fill in self-assessment forms due to the government’s child benefit tax change, and only have days left before they risk a fine.
Calculations by HM Revenue and Customs suggest that 1.1 million people are affected by the changes which were introduced in January 2013. This means that households where someone earns more than £50,000 face a tax clawback of child benefit payments. The repayment, which is 1% of every £100 earned over the threshold and it will reach 100% of child benefits payments when a parent’s income is £60,000 after pension contributions is repaid via a self-assessment form. This form must be filled out by 31st January.
To file online taxpayers must register for an activation code but HMRC say that anyone who wants to ensure they meet the deadline and avoid a £100 late filing penalty need to do this by the 21st January, reports the Guardian.
HMRC said: “Around 90% of customers affected by the changes are registered for self-assessment or have opted out of receiving child benefit. Anyone who still needs to register for self assessment should contact us straight away. If they pay the tax due by 31 January they will not face a penalty.”
As of lunchtime on the 13th January HMRC said that one in 10 people had failed to do so.
The tax charge has been labelled as controversial as it doesn’t take into account a family’s total income as two parents earning £49,000 each can escape the charge, however a single earner making more than £50,000 must make repayments.
Around 11 million people need to submit a self-assessment form and HMRC have said that it was receiving around 80,000 a day.
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