Heads Up High Earners, Threshold for PAYE is Bumped up to £150k for Tax Year 2024/25

Pinnock Accounting Ltd

Threshold for PAYE income is rising from £100,000 to £150,000 for the 2024/25 tax year.

Ditch the Form & Chill: High Earners Threshold Boost for PAYE income Earners in 2024/25!

High earners, rejoice! The dreaded self-assessment threshold is getting a significant bump for the 2024/25 tax year. Starting April 6th, 2024, if your sole income comes from PAYE wages, you'll be sailing past the filing requirement unless you earn above £150,000. That's £50,000 extra breathing room compared to the current £100,000 threshold!

But hold on before you break out the celebratory bubbly. This simplified filing option is only for those with straightforward PAYE income. If you're self-employed, run a sole trader business, or have complex tax affairs (think rental income, foreign earnings, etc.), you'll still need to submit a tax return like in previous years.

Confused? Need help navigating the new rule? Don't fret! We're here to guide you through this tax year upgrade.

Review your specific situation and determine if you need to file a self-assessment return.
Handle the entire filing process for you, ensuring accuracy and compliance.
Offer valuable advice and support to simplify your tax journey.

Remember, staying informed and compliant is key to avoiding unnecessary stress and penalties. Whether you're a PAYE earner basking in the threshold raise or navigating the complexities of diverse income sources, we're here to help you stay ahead in the game.

Get in touch. We offer accounting, bookkeeping tax returns, virtual accounting department services.

Remember to "Stay informed, stay compliant, and stay ahead in the game"!

#taxreturns #PAYE #goodnews #accounting #bookkeeping #taxservices

P.S. Share this blog with your high-earning friends and family – spread the good news about the threshold increase!

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