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Changes to high earners for Self-Assessment
Newsletter issue – November 2024
Anyone who earned between £100,000 and £150,000 in the 2022-23 tax year should have received a letter from HMRC regarding changes to the requirements to fill out a Self-Assessment Tax Return for 2023-24.
Those with income within this range and who are purely paid through PAYE have been required to submit a tax return up until now. But the threshold is rising to £150,000 for 2023-24, as HMRC officials are highlighting to taxpayers in recent weeks.
So, now those with income between £100,000 and £150,000 will not have to complete Self-Assessment for 2023-24 - unless any of the following criteria applies to them. They:
- receive any untaxed income over £2,500
- are a partner in a business partnership
- have to pay the High-Income Child Benefit Charge
- are a self-employed individual with gross income of over £1,000
The 2023-24 Self-Assessment deadline is 31 January 2025. Bigger changes are afoot for beyond this. For the current tax year (2024-25), HMRC is scrapping the income threshold to complete a tax return for PAYE-only taxpayers. However, the list of criteria above will still apply, meaning Self-Assessment Tax returns will be necessary for those fitting them.
What our clients say about us...
"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
"Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"
Lee Westrap MBCS - Director - Bulldog IT Services
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