Britons receiving Child Benefit are being urged to file their tax returns by the January 31st deadline. Earning over £50,000 during the 2023/24 tax year while claiming Child Benefit could result in penalties, even if your partner is the higher earner. HMRC advises using online services for quick and easy filing and payment.
Brits are being warned about an approaching tax return deadline that could affect Child Benefit claimants. HM Revenue and Customs ( HMRC ) has highlighted the importance of reporting income over £50,000 during the 2023/24 tax year if you or your partner are receiving Child Benefit . Failure to do so could result in a penalty.
Dean Butler, managing director for retail direct from insurance company Standard Life, emphasized the need to be aware of the High Income Child Benefit Charge, which could reduce or eliminate your eligibility for the benefit. Butler clarified that if a partner earned more than £50,000 while the other did not, the higher earner is responsible for disclosing the Child Benefit. He also pointed out that the threshold for the charge will rise to £60,000 in the current tax year, but for this return, it remains at £50,000. With the January 31 midnight deadline looming, over 5.4 million people had yet to submit their returns by the start of the month. Missing this deadline can lead to a £100 late filing penalty, with additional fines accumulating daily after three months, potentially reaching £900. If the tax return is not filed within six months, a further penalty of five percent of the tax due or £300 will be imposed, whichever is higher. A full year's delay could result in another five percent or £300 charge. Butler stressed the importance of filing tax returns on time to avoid costly penalties, noting that HMRC collected a record £220 million in late-filing fines last year. He recommends utilizing HMRC's online services for quick and easy tax return filing and payment. HMRC advises the 'quickest and easiest' method to sort your tax return and settle any owed tax is through their online services. Simply head over to the GOV.UK website and search 'Self Assessment'. After you’ve filed your tax return, payment can be made swiftly and securely via the HMRC app, where you can also activate notifications to keep those deadlines front of mind, steering clear of unwanted penalties. For a comprehensive list of payment options, check out GOV.UK
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