As announced at the end of May, from 5 April 2023 the threshold to prepare a Self-Assessment tax return (SATR) for individuals solely in receipt of PAYE income has increased from £100,000 to £150,000. This may affect a number of our clients and we will advise accordingly if this is the case. Despite this increase, 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, or
- self-employed individual with gross income of over £1,000
Get in touch…
If you would like to find out more about the threshold increase then please contact our team by calling us on 01792 410100 or by sending us an email