Changes in Child Benefit Affects Self-Assessment Taxpayers

The authorized body recently announced the changes in their policies. They admitted that around 5, 00,000 taxpayers will be forced to complete annual tax procedure due to changes. Earlier, child benefit is paid directly to the mother or households, but now it will be change the tax system. In recent times, taxpayers are suffering from bureaucracy and highly paid tax system. According to the Budget 2012, the changes in child benefit come into effect from January 2013.

Many households will lose child benefit. The higher-income families will be liable to pay extra income tax, for more contribution to reduce deficiency. On the other hand, the lower-income families will be liable to get full allowances and benefits. Alternatively, the single earner families would be able to keep all benefits with two children. According to the HMRC estimation, each individual’s income of a household will be count under assessment in which the benefit is claimed.

If you are paying tax through PAYE system, then you will need to provide all related information to child benefit. The legislative body announced that it is important to complete claims for each child in terms of get benefit. It is considered that the changes will increase the number of taxpayers. Some people are expecting that they will not be able to reimbursement. Each citizen is liable to pay tax through self-assessment form to get child benefit. To overcome complex tax procedure, you have to contact any accountancy body. They will provide accounting services and important guidelines regarding changes.