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  • Writer's pictureJames Lock

Self Assessment Threshold Changing Next Year

Starting with the 2023/24 tax season, the limit for self-employed taxes for those who pay tax through the PAYE system will increase to £150,000.

This update was shared in a recent notification, Agent Update 108.

For the current tax year (2022/23), the limit remains at £100,000.

So, if you're only paying tax through PAYE and earn more than £100,000, you'll still need to fill out an SA form for this year.

But from the next tax year (2023/24), this limit will go up to £150,000.

Remember though, there are other reasons you might still have to fill out an SA form, such as:

  • receipt of any untaxed income

  • partner in a business partnership

  • liability to the High Income Child Benefit Charge

  • self-employed individual with gross income of over £1,000

You can use the HMRC Self Assessment online tool to check if you need to submit a tax return.

More details on these rules can be found in the HMRC's manual on Self Assessment.

If you owe taxes but none of these rules apply to you, you might need to reach out to HMRC. They can help arrange for the taxes to be collected through your PAYE tax code.

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