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2 days ago · You are required to submit a self-assessment return if any of the following apply: you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on); you were a partner in a business partnership; you had a total taxable income of more than £150,000 in 2023-24 (£100,000 in 2022-23);
5 days ago · Self-Assessment Threshold change. In May 2023, in Agent update 108, HMRC announced that the threshold for filing a self-assessment tax return would increase from £100,000 to £150,000, and this would be effective from the 2023/24 tax year. In the Autumn statement it was announced that from the 2024/25 tax year, the income threshold of £ ...
1 day ago · The annual deadline for filing your Self Assessment tax return online is midnight on 31 January, although you can file any time after the tax year finishes on 5 April. Miss the filing deadline and a £100 fine is immediately payable. Once HMRC receives your tax return, they’ll work out your tax bill and tell you how much you owe.
4 days ago · A dedicated page on the gov.uk website – you’ll need to sign in to or register for a government gateway ID. HMRC’s app. On a “tax code notice” letter from HMRC if you get one.
1 day ago · A similar situation applies to greater payments for capital gains tax where the annual exempt amount has fallen from £12,300 in 2021/12 to £6,000 in 2023/24, and just £3,000 in the current tax year. Careful planning may help you to sidestep HMRC’s growing slice of your income and gains, but, as ever, expert advice is needed to avoid the traps.
4 days ago · Reforming requirements to file a Self Assessment tax return. From 2024-25, it is proposed that: Individuals with income taxed only through Pay As You Earn will no longer be required to file a Self Assessment return. See Autumn Statement 2023: At a glance. Improving the data HMRC collects from its customers. From 6 April 2025:
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2 days ago · You are required to submit a self-assessment return if any of the following apply: you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on); you were a partner in a business partnership; you had a total taxable income of more than £150,000 in 2023-24 (£100,000 in 2022-23);
