UK and International Tax news

Self Assessment Threshold Change

Wednesday 31st May 2023

HMRC have recently announced that from the 2023/24 tax year onwards, the Self Assessment threshold for taxpayers taxed through PAYE only will rise from £100,000 to £150,000.

Taxpayers will receive a Self Assessment exit letter from HMRC if their 2022/23 tax return shows income between £100,000 and £150,000 taxed through PAYE, and they do not meet any of the other criteria for submitting a Self Assessment return.

For the 2023/24 tax year onward taxpayers will still need to submit a tax return if their income taxed through PAYE is below £150,000 but they meet one of the other criteria for submitting a Self Assessment return, such as:

  • receipt of any untaxed income
  • a partner in a business partnership
  • liability to the High Income Child Benefit Charge
  • are self-employed and with gross income of over £1,000

HMRC have an online tool which offers an assessment of whether a taxpayer needs to register for Self Assessment.

 

If you would like further information on the above, please contact Keith Rushen on 0207 486 2378.

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