Around 110,000 parents are still yet to register for a 2012/13 Tax Return after claiming child benefit.
Child benefit is worth £20.30 per week for the first child and £13.40 per week for each subsequent brother or sister.
It follows changes that came into force in January 2013 where households with someone earning more than £50,000 lose a proportion of the benefit. Households where the highest earnings has a salary of £60,000 lose the benefit entirely.
Parents who received child benefit between January 7 and April 5 2013 have to fill in a self-assessment form for 2012/13 to quantify the tax and the deadline for paying the tax due is 31 January 2014.
Thereafter penalties between 10pc and 100pc of the tax owed can apply.
To avoid any penalties, parents should register for self-assessment as soon as possible.
You can opt out of receiving child benefit at any time by filling in a form on the HMRC website. However, higher income parents who have been receiving child benefit since 7 January 2013 will still need to complete a 2012/13 Tax Return to declare the benefit received.
If you need any assistance, please do not hesitate to contact us.