Child Benefit Penalty for Higher Earners
If you or your partner are a higher earner parent (classified as anyone earning in excess of £50’000 per annum) and have been receiving the child benefit this year – you could face a large Child Benefit Penalty if you do not register for Self Assessment by 5 October 2013.
Individuals who fail to register by this date may face a penalty of between 10% and 100% of the amount due, depending on if the failure was intentional.
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