From the 2023/2024 tax year onwards, the self assessment threshold for taxpayers will rise to £150,000 as long as your only income is via PAYE. This means that you only need to submit a self assessment tax return if your income exceeds £150,000 or you receive income from sources. Other sources of income include but are not limited to self employment income over £1000, dividends, high income child benefit, or rental income.
I am filing my 2022-2023 return now, what is the threshold?
* The threshold for the 2022/2023 tax year – which we are currently preparing and filing for our clients – is £100,000. Anyone with income above £100,000 needs to complete a self assessment tax return *
What you need to do for the 2022/2023 tax year and what is the filing deadline for 22-23?
If your income is above £100,000, you need to complete a self assessment tax return.
If HB Accountants prepare and file the return on your behalf, please share all required information, including employer and employee pension contributions, with us, as soon as possible so we can make a timely submission. The deadline for online self assessment submissions is 31 January 2024.
What you need to do for the 2023/2024 tax year
If your income is close to the new £150,000 threshold, let us know so we can plan ahead.
If you are unsure whether you need to submit a self assessment tax return, talk to us, we are happy to guide you.
Alternatively, you may wish to use the HMRCs online tool.
If you want to discuss tax, self assessments and expenses, do give us a call. Not only can we help with your questions about tax, we can offer you support with your payroll, management accounting and so much more. You can contact us on 01992 444466. We’re accountants for business and for people. We’re here to help.
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