The deadline to request self-assessment forms for parents affected by changes to child benefit for high earners is fast approaching, ACCA (the Association of Chartered Certified Accountants) is warning today.
Any parent who earns between £50,000 and £60,000 can elect to continue to receive child benefit but they must complete a self-assessment form and will have to repay a proportion of the benefit they receive, by way of a tax charge, at the end of the tax year.
Chas Roy-Chowdhury, ACCA head of taxation, says: 'If you earn over £50,000 and continue to claim child benefit but do not complete a self-assessment form you could be liable, not only to repay part of all of the benefit claimed by way of a tax charge on the highest earner of the couple, but also interest and penalties on the tax unpaid.
'It could be an entirely innocent mistake, you may not realise that your partner earns over the threshold introduced by January’s changes and be unaware of the need to self-assess, but that is unlikely to garner any sympathy from the taxman. If you are unsure whether you are affected by this you need to discuss yours and their earnings with your partner.'
For more information on the 5 October deadline you can visit the HMRC website, via the 'Related Links' section, left of this article.
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For more information, please contact
Ray Allger, ACCA UK
+44 (0)20 7059 5788
+44 (0)7540 919819
Notes to Editors
- ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
- We support our 162,000 members and 428,000 students in 173 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 89 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
- Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.