High Earner tax returns
High Earner? Earning Over £100,000? Here’s What You Need to Know About Self-Assessment
If your total income exceeds £100,000 in a tax year, HMRC requires you to complete an annual self-assessment tax return — even if all of your income is taxed through PAYE and comes from employment. This is because, once you cross the £100,000 threshold, your entitlement to the personal tax allowance starts to reduce. For every £2 you earn above £100,000, your personal allowance is reduced by £1, and by the time your income reaches £125,140 (based on current rates), your allowance is fully withdrawn.
HMRC uses your self-assessment tax return to calculate and adjust your tax position accordingly, ensuring that any reduction in personal allowance is applied correctly. Even if you’ve been taxed through payroll, a self-assessment is still necessary to reconcile your final tax position.
Completing a high earner tax return.
Completing a tax return when you’re a higher earner can be more complex than expected. From understanding income adjustments and tax code changes to making sure all figures are declared accurately, it’s easy to make errors. Unfortunately, those errors — especially if not caught quickly — can lead to penalties, interest charges, and additional tax liabilities. That’s why many high earners choose to work with a qualified accountant for peace of mind.
We specialise in helping individuals with higher income levels navigate their tax responsibilities efficiently and accurately. Most of our clients pay from just £149 + VAT but we can also offer a fully managed tax return service. If your situation is more complex — perhaps involving multiple income streams, benefits in kind, or investment income — don’t worry. We’ve seen it all and can handle even the most unusual cases with care and clarity.
To learn more or get started, simply click here to get in touch with us today. We’re here to help make the process easy.
If you would rather speak to us about your medical tax,
call now 01834 218584
HMRC have published a webpage you may also fine useful, visit it by clicking here.
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