Workers who earn over £50,000 and claim a key HMRC benefit must contact the tax office before the end of January.
The deadline for His Majesty’s Revenue and Customs’ Self Assessment Tax returns online is January 31, meaning there are less than 11 days left to submit a tax return if you’re eligible to file one.
And for the past tax year, April 2023 to March 2024, those who earn over £50,000 may need to submit a return if they also claimed Child Benefit in the same period.
Child Benefit is a payment given to parents to help support the cost of raising children. It is paid at a rate of £102 per month for the first child, with another £67 per child thereafter.
But workers earning over £50,000 are liable to repay part of the benefit back to HMRC via their taxes.
Although the threshold was raised to £60,000 last year, the current tax deadline in January is the previous tax year, when the limit was still £50,000. As a result, if you earned over £50,000 in the previous financial year and claimed Child Benefit, you may need to submit a self-assessment tax return before the end of this month.
Those who are liable to pay the High Income Child Benefit charge who don’t submit a tax return on time could be forced to pay a fine of £100 from HMRC, plus interest on any outstanding tax owed until the arrears are settled.
HMRC said: “Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
“Tax is usually deducted automatically from wages and pensions. People and businesses with other income must report it in a Self Assessment tax return.
“You may have to pay interest and a penalty if you do not file and pay on time.”
From April 2024, the threshold was increased to £60,000, meaning that you won’t need to submit a return in January 2025 if you earn less than that and claim Child Benefit this year.
