We here at Nigel Ricks & Company are well prepared for those people who suddenly find they need to prepare a tax return because of the new rules on child benefit.
If you or someone living in the same house has an income of over £50,000 (including rental property, salary, dividends, interest, or any other income, and someone in the house is claiming child benefit then you must complete a tax return each year in order to pay back the benefit.
If you do not complete a tax return by the 31st January each year, then you will receive a fixed penalty of £100 plus possibly other penalties as well. You will also be charged interest on any tax paid late.
This can work out very expensive and the HMRC will catch up with people.
If you think you are in this category then don’t wait. We can help. It may be too late to get a Reference number from HMRC in time but we know how to limit interest and penalties.
Please contact us as soon as possible.