HMRC has issued an important reminder - with a crucial deadline in the near future
HM Revenue and Customs has issued a stark warning to individuals with an income exceeding £1,000 or £50,000 this year. The tax office has provided updated guidance for UK households where individuals are working, whether under PAYE employment or self-employment, and earning above certain thresholds that necessitate tax payments.
HMRC is eager to ensure that those liable for tax this year contact them and settle any dues before the swiftly approaching online deadline of January 31, 2025. Additionally, HMRC has sent out a firm reminder to those who need to pay tax directly to them, which may be on top of what they already pay on their income.
It specified that 'newly self-employed' individuals with "gross income over £1,000" – income before expenses and deductions – must register for Self Assessment Tax Returns as they might owe tax. Moreover, anyone who has received "any untaxed income" above £2,500 is also urged to get in touch with HMRC.This could include money from gifts or the sale of expensive items like TVs or watches, though it excludes proceeds from selling a car.
This year, the repayment threshold for the High Income Child Benefit Charge was altered to £60,000. However, the tax return submitted in January 2025 would cover the period from April 1, 2023, to March 31, 2024, and would still be based on the £50,000 threshold before it was increased, reports the Express."The reality is that it's the individual's responsibility to determine if they need to complete a tax return for the 2023 to 2024 tax year.
"There are many reasons why someone might need to register for Self Assessment and file a return, including if they: are newly self-employed and have earned gross income over £1,000; earned below £1,000 and wish to pay Class 2 National Insurance Contributions voluntarily to protect their entitlement to State Pension and certain benefits; are a new partner in a business partnership; have received any untaxed income over £2,500; receive Child Benefit payments and need to pay...
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