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:
- receive any untaxed income over £2,500
- have a partner in a business partnership
- have to pay the High-Income Child Benefit Charge
- are self-employed individuals with gross income of over £1,000
In the Autumn statement it was announced that from the 2024/25 tax year, the income threshold of £150,000 would be removed altogether.
- receive any untaxed income over £2,500
- have a partner in a business partnership
- have to pay the High-Income Child Benefit Charge
- are self-employed individuals with gross income of over £1,000
❗ From the tax year 2024 to 2025 onwards, the income threshold to complete a tax return for PAYE-only taxpayers will be removed. Customers will still be required to submit a return if they meet any of the other conditions listed above.
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.