{"id":5734,"date":"2024-05-15T13:29:12","date_gmt":"2024-05-15T13:29:12","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=5734"},"modified":"2024-05-15T14:16:44","modified_gmt":"2024-05-15T14:16:44","slug":"earning-between-100000-and-150000-your-tax-return-is-changing","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/earning-between-100000-and-150000-your-tax-return-is-changing\/","title":{"rendered":"Earning between \u00a3100,000 and \u00a3150,000? Your tax return is changing"},"content":{"rendered":"<p>If you\u2019re a high earner with between \u00a3100,000 and \u00a3150,000 in net adjusted income, you\u2019ll soon receive a letter from HM Revenue &amp; Customs (HMRC) regarding whether you need to continue submitting a Self-Assessment tax return.<\/p>\n<p><!--more--><\/p>\n<p>\u2018Net adjusted income\u2019 is your total taxable income after certain reliefs, such as charitable donations via Gift Aid, but before your Personal Allowance is applied.<\/p>\n<p>Anyone earning between \u00a3100,000 and \u00a3150,000 annually who does not meet certain criteria will need to submit a Self-Assessment return for the 2023\/24 financial year in line with current requirements.<\/p>\n<p>However, those who do meet all these requirements will not automatically need to submit for 2023\/24:<\/p>\n<ul>\n<li>You are taxed through Pay-As-You-Earn (PAYE)<\/li>\n<li>You\u2019re earning between \u00a3100,000 and \u00a3150,000 per year in net adjusted income<\/li>\n<li>You submitted a 2022\/23 tax return showing income within the stated band<\/li>\n<li>You are not a partner in a registered business partnership<\/li>\n<li>You do not receive any untaxed income over \u00a32,500<\/li>\n<li>You have no other income<\/li>\n<li>You do not meet any other criteria for requiring Self-Assessment, such as earning over \u00a31,000 from self-employment<\/li>\n<li>You do not pay the High Income Child Benefit Charge (HICBC).<\/li>\n<\/ul>\n<p>If you need to send a return for the 2023\/24 financial year, you must register by 5 October 2024 and submit it by 31 January 2025.<\/p>\n<p>Remember that the Personal Allowance decreases by \u00a31 for every \u00a32 that you earn over \u00a3100,000 \u2013 effectively removing the Personal Allowance for incomes of \u00a3125,140 or more.<\/p>\n<p><strong>Do I have to keep submitting a Self-Assessment?<\/strong><\/p>\n<p>High earners with an income of between \u00a3100,000 and \u00a3150,000 previously had to submit a Self-Assessment tax return, even if they were taxed by PAYE only.<\/p>\n<p>2023\/24 was a transition year towards removing the requirement for those in this group to submit tax information by Self-Assessment \u2013 with PAYE-only individuals earning over \u00a3150,000 per annum still required to submit a return, even if they meet all other exemption criteria above.<\/p>\n<p>For the 2024\/25 financial year onward, Self-Assessment returns for high earners paying tax via PAYE only have been removed as a requirement.<\/p>\n<p><strong>Need help with personal tax planning? Get in touch with us. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re a high earner with between \u00a3100,000 and \u00a3150,000 in net adjusted income, you\u2019ll soon receive a letter from HM Revenue &amp; Customs (HMRC) regarding whether you need to continue submitting a Self-Assessment tax return.<\/p>\n","protected":false},"author":2,"featured_media":5737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,125,30,56,44,59,28,78,41,75,7,27,32,128],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5734"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=5734"}],"version-history":[{"count":2,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5734\/revisions"}],"predecessor-version":[{"id":5739,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5734\/revisions\/5739"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/5737"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=5734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=5734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=5734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}