The majority of individual taxpayers in the UK are not required to file a tax return because their income is correctly taxed at source through Pay As You Earn (PAYE).
However, taxpayers will be required to file a 2022/23 tax return if, in the last tax year (6 April 2022 to 5 April 2023), any of the following applied:
- Your total pre-tax income was £100,000* or more,
- 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 in receipt of rental income or any other untaxed income,
- You were a partner in a business partnership,
- You are liable to the High-Income Child Benefit Charge (where your adjusted net income is over £50,000 and you or your partner have claimed child benefit).
You might also choose to fill in a tax return to claim income tax relief, for example, higher rate tax relief for personal pension contributions.
The deadline to register for self-assessment for the 2022/23 tax year is 5 October 2023 and the deadline for sending a return online is 31 January 2024 (31 October 2023 if sending a return using a paper form).
If you have any queries or if you would like any assistance in completing your 2022/23 tax return, please get in touch with Churchgates on 01284 701271 or email us at [email protected]
*Please note that HM Revenue and Customs increased the income threshold for filing a Tax Return to £150,000 for 23/24 onwards. The £100,000 limit still applies for the 22/23 tax year.
Contact Churchgate Accountants for a free initial meeting. Churchgates are a multi-disciplinary practice and can act as a hub for the financial and legal needs of your family and your businesses.
