What's Changed?
For the tax year ended 5th April 2023, you are required to submit a tax return if your gross PAYE income exceeds £100,000. However, for 2023/24 onwards, this threshold has been increased to £150,000. So if your 2022/23 tax return shows gross PAYE income of between £100,000 and £150,000 then you should receive a self-assessment exit letter from HMRC.
Does This Affect Me?
This change is only applicable to individuals who do not meet any other criteria for registering for self-assessment. If you meet anyother criteria then you will still be required to submit a tax return. Some examples of this would be:
- High-income Child Benefit Charge Liability – if you receive child benefit but your gross income is over £50,000, you may be subject to the high-income child benefit charge.
- Untaxed Income – this could be dividends, bank interest or any other income which has not been taxed at source.
- Parter in a Business Partnership – Regardless of profit within the partnership, partners need to file a tax return.
Nuvo Is Here To Help
If you're unsure whether or not this affects you, our friendly tax team are always here to help. Contact us by calling 01332 299 990 or emailing us at hello@nuvo.co.uk
