Starting from the 2023/24 tax year, the self-assessment (SA) threshold for individuals who are taxed solely through PAYE will increase to £150,000.
It’s important to note that taxpayers who meet any of the other SA criteria will still be required to submit an SA return. The current additional criteria include:
- Liability to the high income child benefit charge.
- Receipt of self-employment income over £1,000.
- Receipt of untaxed income of £2,500 or more.
Taxpayers can utilise HMRC’s online tool to verify whether they are required to submit a tax return.
For the current tax year, 2022/23, the threshold remains unchanged at £100,000. Therefore, individuals taxed through PAYE only will still need to submit an SA return for 2022/23 if their income exceeds £100,000.