10 Key Triggers for 2024/25:
Many people assume Self Assessment is only for the self-employed. That is a common and often expensive misconception. Even if you are fully employed and pay tax through PAYE, you might legally need to file.
For the 2024/25 tax year, there are some significant changes you need to know about. Below, we break down the 10 most common reasons you need to file, cutting through the jargon with professional clarity.
If you work for yourself, this is the most obvious trigger. You must file a return if your gross trading income (turnover before expenses) was more than £1,000 in the tax year. This is known as the 'trading allowance'.
Note:
If your income is below £1,000, you may not need to file. However, you might choose to do so voluntarily to pay Class 2 National Insurance towards your State Pension.
If you are a partner in a business partnership, you effectively have no choice.
Mandatory Requirement:
You must submit a personal Self Assessment tax return regardless of your income level.
The partnership itself will also need to file its own separate return.
This is where many people get caught out.
You generally need to file a return if you receive income from renting out a property (UK or overseas) or from Furnished Holiday Lettings (FHLs).
The Rules:
Income between £1,000 and £2,500:
You must contact HMRC. They may collect the tax through your tax code rather than a full return.
Net income (profit) over £2,500:
You typically need to register for Self Assessment.
Gross income (turnover) over £10,000:
You must file a Self Assessment tax return, even if your profit is low after expenses.
HMRC wants to know about money you have earned that has not touched the PAYE system. You will likely need to file if you have:
Untaxed income over £2,500
This could be from:
Savings or Investment Income over £10,000
If you earn more than £10,000 in interest or dividends, this exceeds what can usually be collected via your tax code.
This is a strict liability.
If you or your partner claim Child Benefit and one of you has an 'adjusted net income' of over £60,000 (for the 2024/25 tax year), you may need to file a return to pay back some or all of the benefit.
Important Update for 2024/25:
The threshold was previously £50,000. From April 2024, it rose to £60,000.
Advisor's Note: Remember that the obligation to check your income remains yours and not HMRC's.
Did you sell a second home, shares, or crypto assets?
If you sold an asset for a profit and need to pay Capital Gains Tax (CGT), a Self Assessment return is the standard way to report it.
This applies if your total gains are above the annual exempt amount.
If you are a UK resident, you are generally taxed on your worldwide income.
If you receive income from overseas, whether it is pension, wages, or rental income, you almost always need to file a tax return to report it.
This applies even if you have already paid tax on it in another country.
Historically, anyone earning over £100,000 (and later £150,000) had to file a return automatically.
Rules Have Changed for 2024/25:
HMRC has removed the requirement to file a return purely because your income is over £150,000.
This applies provided all that income is taxed via PAYE and you have no other reason to file.
Warning:
Do not assume you are exempt. If you earn this much, you often have complex affairs such as pension tapering or investment income that will require a return anyway.
If you are an employee and have spent your own money on work-related expenses like professional subscriptions, business mileage, or tools, you may be due tax relief.
Over £2,500:
You must file a Self Assessment return to claim it
Under £2,500:
Can usually be done via a P87 form
Often, you need to file a return not because you owe tax, but because the government owes you.
You must file a return to claim sophisticated tax reliefs, specifically if the tax relief claimed is substantial (often over £10,000) or complex:
Pension Contributions
Essential for higher or additional rate taxpayers to claim back the extra 20% or 25% tax relief on their contributions
Venture Capital Trusts (VCTs)
To claim 30% income tax relief
Enterprise Investment Scheme (EIS)
To claim 30% income tax relief
Community Investment Tax Relief (CITR)
To claim relief for investing in disadvantaged communities
If you are still unsure, it is always safer to check directly with official sources. Failing to notify HMRC can lead to penalties.
Check your status instantly:
Check if you need to send a Self Assessment tax return (GOV.UK)
HMRC Internal Manuals (Technical Criteria):
SAM100060 - Criteria for an SA record
Tax on Foreign Income:
Tax on foreign income: The rules
High Income Child Benefit Charge:
Understand the High Income Child Benefit Charge
The rules are complex and constantly changing. Our expert tax team can assess your situation and handle your Self Assessment tax return from start to finish, ensuring you claim all available reliefs and stay compliant.
Expert tax advice • Self Assessment filing • Deadline: 31 January 2026
| Trigger | Threshold | Action |
|---|---|---|
| Self-employment | £1,000+ | Must file |
| Property net income | £2,500+ | Register for SA |
| Property gross income | £10,000+ | Must file |
| Untaxed income | £2,500+ | Likely need to file |
| Savings/Investment | £10,000+ | Must file |
| HICBC | £60,000+ (NEW) | Must file |
| High income (PAYE only) | £150,000+ (REMOVED) | No longer required |
| Employment expenses | £2,500+ | Must file to claim |