Self-assessment threshold change

From tax year 2023/24 onwards, the self-assessment threshold for individuals taxed through PAYE only, will change from £100,000 to £150,000.

HMRC has confirmed that affected taxpayers do not need to do anything now as the self-assessment threshold for 2022/23 tax returns remains at £100,000.  They will receive a self-assessment exit letter if they submit a 2022/23 return showing income between £100,000 and £150,000 taxed through PAYE and they do not meet any of the other criteria for submitting a self-assessment return.

For the 2023/24 tax year onwards, taxpayers 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.

Taxpayers can check whether they need to submit a return here.

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