If all of the following conditions apply for 2012/13 and you are not yet submitting self assessment tax returns, you will need to register for self assessment by 5 October 2013:
- your income is over £50,000; and
- either you or your partner received any child benefit payments after 7 January 2013; and
- your income for the tax year is higher than your partner’s.
If you fail to register by 5 October to submit a tax return by 31 January 2014, HMRC can impose a penalty.
If you stopped the child benefit before 7 January 2013, do not need to take any further action.
Note the partner with the higher income is liable to pay the charge if both you and your partner have income over £50,000.
For more information about the HICBC and how it applies, see our earlier news item here.
Do contact for any assistance with the self assessment registration process.