Are you required to file a tax return?
Even if your tax is fully paid through the PAYE system, you might still need to complete a Self-Assessment tax return, especially if you have a higher income.
For tax years up to and including 2022/23, this requirement applies if your income exceeds £100,000. Starting from the 2023/24 tax year, this threshold is raised to £150,000.
Other circumstances that may necessitate filing a return include:
- Earning rental income over £1,000;
- Receiving dividend income above the dividend allowance;
- Having taxable interest income;
- Needing to declare foreign income;
- Realizing chargeable gains during the tax year;
- Being subject to the high-income child benefit charge.
The deadline for submitting your tax return online is midnight on 31st January 2024.