Thousands of parents who claim Child Benefit could be hit with a fine if they miss a key date.
Child Benefit is a monthly payment for parents or those in charge of looking after a child. For those who earn over £50,000, a self-assessment tax return must be filled out and declared to HMRC before paying back some money you owe.
And the deadline is fast approaching, failure to do so could result in a tax fine, the Mirror reports. The deadline for doing this online is January 31, 2023.
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If you don't file a tax return, you could be fined up to 30% of the money you owe, plus interest, unless you have a reasonable excuse. The £50,000 threshold applies only per person, not combined, and is paid at a rate of 1% of every £100 earned over this amount.
Those who hit £60,000 a year will need to pay back 100% of Child Benefit. You can use this Child Benefit tax calculator or call HMRC on 0300 200 3100 if you need more information.
High Income Child Benefit Charge
You need to register for a self-assessment online account to pay the High Income Child Benefit Charge. The deadline for doing this was technically October 5, 2022, but you should still be able to register now as long as you file before January 31, 2023.
Once you're registered, you then have to send in a tax return so HMRC knows how much you should be charged. You need to do this every year you’re claiming Child Benefit and earning above £50,000. In a couple, the person with the highest income must complete the self-assessment.
More information can be found on the Gov.uk website, including information on how to register and how to opt-out of payments.
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