Insight
High earners may need to submit 2021/22 tax returns
- Published on: 27/09/2024
HMRC have reported they are issuing letters to those with income over £200,000 in 2021/22, and more letters for £100,000+ earners may follow for 2022/23.
Do you have total taxable income over £100,000 (including income subject to PAYE)?
Do you file tax returns?
If the answer to first question is yes and the answer to the second question is no, then you will need to submit tax returns as soon as possible.
One of the requirements to submit a tax return is (for tax years ending up to 5 April 2023) if your total taxable income exceeds £100,000, even if that income is taxed at source via PAYE. This has now increased to £150,000 for 2023/24 onwards.
As reported by the ICAEW, HMRC are now issuing letters to taxpayers whose income exceeded £200,000 in 2021/22. We would expect that there will be further tranches of letters for individuals whose taxable income is between £100,000 and £200,000 for the 2022/23 tax year also.
If you find you are now in the position that you should have submitted a tax return, please contact us as soon as possible. It is much better to voluntarily bring your tax affairs up to date which should result in reduced penalties.
