Parents who stopped receiving payments after 7 January 2013 or who are continuing to receive child benefit, and who earn over £50,000, must register for self-assessment for the 2012-13 tax year by tomorrow (5 October). 

This will enable them to declare the child benefit received, pay the tax charge on time and avoid penalties for failure to notify HMRC on time.

Failing to register in time could result in a fine of up to 100% of the tax due, depending on the circumstance.

Parents who stopped receiving child benefit payments before 7 January 2013 are not required to take any action.

HMRC is reminding parents that they must declare any additional income or register now with HMRC for self-assessment, in order to pay the High Income Child Benefit Charge, if they have not already done so.

HMRC’s chief executive, Lin Homer said: “HMRC wants to ensure that people avoid possible penalties and pay the right amount of tax. If you had any additional income last year, or have been affected by the changes to child benefit, you have until 5 October to register for self-assessment.”

More information on whether people need to register for seld-assessment can be found at: http://www.hmrc.gov.uk/yourtaxreturn

For your free tax guide, click here.