Personal Tax Return 2023/2024

Self-Assessment Tax Return 2023/2024

Great to plan ahead especially with only 10 months of this tax year remaining

HMRC are trying to simplify the system and it is fair to say it has been a bit of a burden and additional costs expecting “PAYE only Employees” to complete a Self Assessment Tax Return if they earn over £100,000 but there were reasons for this especially with the Personal Allowance being restricted 🚫over £100,000.

From the 2023/24 tax year, the threshold will increase to £150,000. However, if a taxpayer meets one of the other SA criteria, they will still be required to submit an SA return. Other criteria currently include:

• liability to the high income child benefit charge;
• receipt of self-employment income over £1,000; and
• receipt of untaxed income of £2,500 or more.
• receipt of pension allowance excess of £60,000
• Bank interest
• Dividends from investments in excess of £1,000
• Rental income or other sources of income, which should be declared on a SA Return