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I’ve been told I no longer need to do a tax return, is that right?

For the 22-23 tax year if you earned over £100k or were in receipt of the Child Benefit but earned over £50k, you were required to file a self-assessment (SA). For 23-24, and onwards HMRC have announced that you will no longer need be asked to do so.

This is because:

  1. In May HMRC announced that the income threshold for filing a SA tax return would increase from £100,000 to £150,000. This change takes effect from the 23-24 tax year

  1. In July, the government announced plans that employed taxpayers will be able to pay the high-income child benefit charge through their tax code, without the need to register for SA

So, should all our higher income clients sigh in relief, praise the gods, and send us thank you & goodbye cards?

Not necessarily, and here’s why:

  • The PAYE system is not set-up to deal with certain situations, such as irregular gift aid contributions
  • There are certain circumstances where taxpayers will still need to register and file for SA regardless, e.g. pension contributions or dividend income

So if you’ve received a letter from HMRC saying you no longer need to file, drop us an email (info@oboyleaccounting.com) or give us a call on 028 91469054, and have a chat with us to see if you would benefit from tax savings by continuing to file each tax year.

 

 

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