If you earned more than £100,000 from your job in the 2022/23 tax year or if HMRC contacts you to let you know you need to file, then yes, you’ll need to submit a tax return. From the 2023/24 tax year, the threshold increases to £150,000.

As you approach a six-figure salary, it’s important to understand how Income Tax affects you, particularly how your Personal Allowance is impacted. (Hint: You’ll start losing your allowance as your income goes over £100k, meaning you pay more tax!)
At Taxbert, we can help you navigate these changes and maximize your tax efficiency.

Tax efficiency means paying the least amount of tax legally possible. There are several ways to improve your tax efficiency, such as:

If you earn over £100,000, you lose £1 of your Personal Allowance for every £2 over this amount. This means you could be paying 60% tax on part of your income. But don’t worry, you can avoid this by becoming more tax-efficient.
At Taxbert, we can help you find strategies to reduce your tax burden and keep more of your income.

Yes, HMRC has announced changes for PAYE high earners. If you earn less than £150,000 from your PAYE salary, you will no longer need to file a tax return for the 2023/24 tax year.
However, if you have other forms of income or capital gains, you may still need to file a tax return.

For the 2023/24 tax year, HMRC raised the threshold for filing a tax return from £100,000 to £150,000 for PAYE earners. If you earn less than £150,000, you will not need to file a tax return in January 2025 unless you have other income or capital gains to report.