If you are a high earner, you may need to complete a Self-Assessment tax return, even if you pay all your tax through PAYE. The trigger threshold for completing a Self-Assessment tax return is £150,000 for 2023/24 onwards.
If your income is between £100,000 and £150,000 for 2022/23, you will need to file a tax return for that year, but not for 2023/24 onwards. You must file your 2022/23 tax return online by 31 January 2024.
There are other reasons why you may need to file a Self-Assessment tax return, even if your income is below the trigger threshold. These include:
You have income from self-employment of more than £1,000.
You are a partner in a business partnership.
You receive income of more than £1,000 from renting out properties.
You receive dividend income in excess of the dividend allowance.
You receive interest that is taxable.
You have foreign income to report.
You realise chargeable gains in the tax year.
You are liable to pay the high-income child benefit charge.
If you think that you no longer need to file a Self-Assessment return because your income is below the new threshold and you have nothing else to report, or if you have retired, you will need to tell HMRC.
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