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HMRC has published the May edition of Agent Update. It has the usual array of articles including on the end of year deadline for employment related securities and the new tax year basis of assessment as well as a monthly update on the plastic packaging tax. Other articles are summarised below.
Self-assessment threshold change
From 2023-24 onwards the self-assessment threshold for taxpayers taxed through PAYE only will change from £100 000 to £150 000.
Taxpayers do not need to do anything now as the threshold for 2022-23 tax returns remains at £100 000. They will receive a self-assessment exit letter if they submit a 2022-23 return showing income between £100 000 and £150 000 taxed through PAYE and they do not meet any of the other criteria for submitting a return such as:
- receipt of any untaxed income;
- partner in a business partnership;
- liability to the...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
