Do you need to complete a tax return?

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.