Self Assessment threshold change
From tax year 2023 to 2024 onwards, the Self Assessment threshold for those taxed through PAYE only, will change from £100,000 to £150,000.
If you are affected, you do not need to do anything now as the Self Assessment threshold for 2022 to 2023 tax returns remains at £100,000.
You will receive a Self Assessment exit letter if you submit a 2022 to 2023 return showing income between £100,000 and £150,000 taxed through PAYE and do not meet any of the other criteria for submitting a Self Assessment return.
For the 2023 to 2024 tax year onward you will still need to submit a tax return if your income taxed through PAYE is below £150,000 but you meet one of the other criteria for submitting a Self Assessment return, such as:
· receipt of any untaxed income
· partner in a business partnership
· liability to the High Income Child Benefit Charge
· self-employed individual and with gross income of over £1,000