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

Or just email us if you want our:

New Business Start-up Checklist, or;
Business Plan Template, or;
Help with
- Bookkeeping
- Software
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- Taxes

Achieving Success with your business

If you’re just starting your new business venture or struggling with the steps to the next level contact us now.

We can help you with this and much more

Get ready for success with Moore Financial Management

We can help you with all of your compliance obligations such as:

Self Assessment Tax
Making Tax Digital
Corporation Tax
Filing Accounts
VAT
Payroll and Pensions

But also the things you really need to increase the chances of your business being a success

Management Accounts
Cashflow Reporting & Forecasting
Budgets
Real Time up to the minute information

These are the things that add value and the information you need in order to make the correct business decisions

If you’re not confident with any of this or don’t have the time, getting a licensed accountant to do it for you can actually save you money. It can free up your valuable time which you can use to concentrate on your business. You can also benefit by knowing it has been done correctly and on time.

Mistakes can be costly.

As can missing deadlines.