Thousands miss self-assessment child benefit deadline

By Lenore Rice

Approximately 165,000 high earning parents are estimated to have missed the 5th October deadline for submission of their self-assessment form in respect of collection of Child Benefit.

Parents earning over £50,000 and receiving Child Benefit were required to complete the income tax assessment return by the deadline in order to avoid penalties. The High Income Child Benefit Charge was introduced to Northern Ireland and the rest of the UK on 7th January, and approximately 2 million people received letters last month to remind them of the deadline to declare any child benefit they received.

Despite 29,000 people registering in the final hours before the final deadline, a large number of parents failed to submit their form and are now advised by the HMRC to register as soon as possible to keep the penalties they will face down to a minimum. The penalty could be anywhere between 10 and 100 per cent of the child benefit received, on top of the refund of the relevant amount.

If you require advice in respect of income tax, self assessment, capital gains tax, inheritance tax, or general tax planning, contact Wilson Nesbitt in Belfast by calling 0800 840 9288.