Could we please remind anyone who reads this of the fact that you may need to file a Tax Return by 31 January 2014.
There will out there be the regulars who will have filed Tax Returns for many years and these people will be very aware of the Tax Return filing deadline that looms after Christmas, but this year there will be many first timers who have not previously filed Tax Returns who will come within the Self Assessment regime for the year to 5 April 2013 simply because they received Child Benefit after 7 January 2013.
Bear in mind that it is a requirement that we all “self assess” and HMRC will not consider it to be a reasonable excuse (for the avoidance of penalties) if you failed to file a tax return simply because you did not realise that you needed to.
HMRC have also reminded us that it can take up to 7 working days to complete an online registration and so the need to file a tax return before 31 January 2014 needs to be considered now in order to avoid the rush to meet the 31 January deadline.
If you have received child benefit after 7 January 2013 and your child has a parent who earns over £50,000 or are in any doubt as to your responsibilities as regards self assessment then please contact us to discuss your position as soon as possible.