Missed the Child Benefit ‘deadline’?

Individuals with taxable income of  more than £50,000 a year will see a reduction in their entitlement to Child Benefit from 7 January 2013 under new government changes.

Those with taxable income of more than £60,000 will lose the benefit completely.

The deadline to request a stop to payments has now passed and so anyone with income in excess of £50,000 and in receipt of CB will be required to submit a self assessment tax return. Don’t panic (not anyway!) – the first tax return covering this issue will be due on 31 January 2014 (for the tax year 2012/13).

For those already in the self assessment system, a declaration of CB will need to be made in the tax return.

If you’ve not already registered for self assessment, you’ll need to complete a form SA1 before 6 October 2013. A copy of this form can be found at www.hmrc.gov.uk/sa1.

HMRC imposes fines for late filing of tax returns so it is essential that you register in time and submit your return by 31 January each year.

If you’d like to discuss your requirements, Curo’s personal tax manager Helen Sewell can be contacted at [email protected] or call Helen on 01527 558539..