Deadline looms for higher earners

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Higher earning parents in Sheffield are being urged to act now rather than face fines over Child Benefit payments.

The warning comes from Robin Milnes who runs TaxAssist Accountants in Sheffield.

It follows the introduction of new rules which mean around 1.1 million families with one adult earning more than £50,000 must repay part of their child benefit, while those earning more than £60,000 must repay it all.

Payments are declared by the high earner registering for Self Assessment and completing a tax return.

Mr Milnes said: “For many families this will be the first time they have ever had to file tax returns and it is vital they don’t get caught out.

“They only have until January 31 to file their tax return electronically and it could take up to 10 days just to register for online access if this is their first time filing.

“Anyone missing the January deadline will be hit with an automatic £100 fine, with further penalties reaching £1,600 for those who file more than a year late.

“The only other option is to opt out of receiving Child Benefit.”