Information about Self Assessment changes from tax year 23/ 24 onwards
HMRC are making some changes to the thresholds for Self Assessment from tax year 2023 to 2024 onwards. This will affect those customers who are taxed solely through PAYE.
⭐The Self Assessment threshold for 2022 to 2023 tax returns remains at £100,000. If you submit a 2022 to 2023 return showing income between £100,000 and £150,000 taxed through PAYE you will receive a Self Assessment exit letter, so long as you do not meet any of the other criteria for submitting a Self Assessment return.
For the 2023 to 2024 tax year onward customers 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
- partner in a business partnership
- liability to the High Income Child Benefit Charge
- self-employed individual and with gross income of over £1,000
If you do need to complete a Self Assessment, we can help!
For further information, view our Self Assessment page here.
Still have questions?
For further information about this, get in touch with our friendly onboarding team - sales@nasagroup.co.uk.