From tax year 2023 to 2024 onwards, the Self-Assessment threshold for taxpayers taxed through PAYE only will change from £100,000 to £150,000.
Affected individuals do not need to do anything now as the Self-Assessment threshold for 2022 to 2023 tax returns remains at £100,000. They will receive a Self-Assessment exit letter if they submit a 2022 to 2023 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 Self-Assessment return.
For the 2023 to 2024 tax year onward taxpayers will still need to submit a tax return if their income taxed through PAYE is below £150,000 but they meet one of the other criteria for submitting a Self-Assessment return, such as:
· receipt of any untaxed income,
· partner in a business partnership,
· liability to the High Income Child Benefit Charge, or
· self-employed individual and with gross income of over £1,000.
From October 2024, company size thresholds are to increase by 50%. For each company, these new thresholds will begin to apply from the start of the next accounting period commencing on or after 1 October 2024. But what are the implications of these changes to your company?
The Health and Safety Executive (HSE) has published an article outlining its approach to regulating artificial intelligence (AI) in workplaces.