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Child Benefit tax deadline is fast approaching
Child Benefit tax deadline is fast approaching
Parents who earn more than £50,000 and have not yet opted out of receiving Child Benefit must register with HM Revenue & Custom (HMRC) before the 5th October deadline.
Those who fail to register for self-assessment tax returns could face a penalty of up to 100% of the tax due.
HMRC may also send out penalties if documents are sent in wrong or information is missed regarding tax liabilities.
Child Benefit changes
Child Benefit is worth £20.30 a week for your first child and £13.40 for any additional children until they turn 16, or 18 and are in full-time education.
However the Government has restricted the number of people that can claim Child Benefit - and exactly what they can claim - in order to cut costs. They've done that by charging a tax on the benefit, which you will need to declare in a self-assessment tax return, unless you opted out of receiving the benefit before 7th January this year.
The tax parents will need to pay back varies depending on their income. If one parent earns more than £60,000, the tax is equal to the full amount of Child Benefit. If they earn between £50,000 and £60,000 it works out at 1% for every £100 of pre-tax income they earn of more than £50,000.
The new system, which came into force in at the beginning of the year has been heavily criticised as it only takes into account one parent’s salary. Therefore if one earns £60,000 and the other £10,000 the couple will lose their entire entitlement to Child Benefit. But if both parents earn £49,000 they’ll keep the full allowance.
Letters have already been sent out to parents who will be affected by the changes. If you’re confused about how much you are entitled to, there is a tool on the HMRC website.
This deadline applies to anyone registering for self assessment, such as small businesses, people with untaxed property income, those with expenses of more than £2,500 and those with Capital Gains Tax to pay.
How to register for self assessment
To declare the Child Benefit you’re receiving you’ll need to fill in a self-assessment tax return. If it’s your first time doing so, you’ll need to register with HMRC online by completing the SA1 form before 5th October. You can also download a PDF version and post it or call HMRC on 0300 200 3310and ask for it in another form, such as large print or Braille.
HMRC will then set up a tax record for you and create a Unique Taxpayer Reference (UTR). This is used to access the HMRC site through which you can send your online tax return before 31st January 2014. If you decide to send the return in by post the deadline is 31st October.
If you have already fill out a self-assessment tax return, you’ll need to declare the Child Benefit you receive when you complete these forms.
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Black people go on about slavery , do you know your right but what you fail to notice is your not the only ones to suffer from it to this day , be you black white or pink or yellow , it's in all forms of our life's if you are less well off working or not governed by rules laws and regulation to favour the rich and wealthy .
Reality Check0000 ,
Has 98% of the working population claims some sort of benefit with wages been way to low , HOW ARE THEY PAYING FOR SOMEONE ELSE'S KIDS ? the only ones who are saying what you say are those who have money in the first place and it's those with money who don't pay the correct taxes in the first place with off shore accounts ..the tax dodgers .
Don't fall for the media hype regarding the less well off working or not . nobody can predict there future or the outcome of there life , everybody has the rights to have children it's not just for the rich and wealthy but they would disagree ,and beside if they didn't the human race would no longer exist but on a good point slavery would not as well for the rich and wealthy from the less well off working or not ..
If all the less well off workers went on strike together for just one week this country and if many others around the world did the same , well how would that hit the rich mans pocket the poor and less well off have really nothing to lose .
And by the way don't fall for Equality as well that's bull the only time that works is when you do have money to be EQUALS WITH THEM !!
How much does the Queen get how much does does peter string fellow make and many others like them that have money , they also get Benefits ..
Members of parliament gets benefit lords get benefits the list goes on ..
OPEN YOUR EYES TO THE TRUTH ....
Added peter string fellow has tried many times to give his back but is refused to do so but are quite happy to take it off a less well off single parent working or not .
Do you know how much revenue is made by sigs and booze for the taxman why haven't they banned them ask your self ? But , the governments quite happy and not bothered about taking money from parents are they them self's even from people that don't smoke and drink.
kids don't come in to it then does it , they are quite happy to tax you to the hilt doesn't that take money away from the kids ?
Stop thinking like a wealthy person and start thinking like you are , at least 98% of the UK fits into the poor or less well off working or not people then you may start to see the wool been pulled over your eyes .
Over £20 a week for one, then £13+ for each one after that? Where's the benefit for those without children and please no one mention the joke that is working tax credits. I don't have kids so I work and earn more than £13,000 but less than I need to stay out of debt. Although that's my penance for not having children and I bitterly resent those taking that much each week for choices they made and no one else. Have kids, YOU PAY FOR THEM and not the government or ME!
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msn money poll
New research has found that families are spending an average of £180 on back-to-school supplies for their kids. Does this tally with your experience?
Thanks for being one of the first people to vote. Results will be available soon. Check for results
- Yes, that sounds about right to me
- Yes, but I think school supplies are getting more expensive every year
- No, the cost of new uniforms, stationery and sports kit takes us well past the £200 mark
- No, I wouldn’t spend anything like that amount on the little horrors!