Self Assessment threshold change

Self Assessment threshold change

The Government have announced that, from the 2023 to 2024 tax year onwards, there will be a Self Assessment threshold change for those who are taxed through PAYE only.  The threshold will change from £100,000 to £150,000.

This means that if you currently need to complete a Self Assessment Tax return because you earn over £100,000 you may not have to in future.

You don’t need to do anything now because the Self Assessment threshold for 2022 to 2023 tax returns remains at £100,000.  But you’ll receive a Self Assessment exit letter if you submit a 2022 to 2023 tax return showing income between £100,000 and £150,000 taxed through PAYE.  This is provided, of course, that you don’t 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

This includes:

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

You can check whether you need to submit a return here.

Help with the Self Assessment threshold change

Contact us now if you need help with this or any other aspect of your Self Assessment Tax.

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