As a reminder, the Self-Assessment deadline is 31st January and it is a mandatory requirement for those who fall into specific categories for the 2024/25 tax year:
A quick FYI. High earners earning above £100K who only have income taxed through the Pay As You Earn (PAYE) system are no longer required to file a Self Assessment tax return based solely on their income level.
However, you may still need to complete this if any of the following apply:
- You made more than £1,000 from any other avenue (before expenses)
- You made rental property income over £2,500 after expenses (or over £1,000 gross if using the property allowance).
- You had untaxed income of £2,500 or more that cannot be collected through your tax code.
- You received dividends exceeding the annual allowance (currently £500).
- You are a company director or sole trader with untaxed income
- You or your partner are liable for the High Income Child Benefit Charge (if one of you earns over £60,000) and you have not arranged to pay it through PAYE.
- You need to claim specific tax reliefs or expenses greater than £2,500 that cannot be handled through your PAYE code (e.g., pension contributions outside of an employer's scheme or significant charitable donations via Gift Aid).
- You receive foreign income.
While the mandatory filing threshold for high earners has been removed, filing remains the most streamlined way to reclaim higher-rate pension relief and ensure you aren't overpaying tax on your 2024/25 earnings.
If you are unsure, check via GOV.UK or speak with an accountant.
Sorry, I know it's a dull one for the first Monday back, but far better than a late filing penalty.
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