Tax return - PAYE employed

[Lemonyfuckit]

This might sound dumb, but I got a pay rise in Jan and another in June plus bonus which has taken me over £100,000, and I just got a letter from HMRC saying I no longer get any personal allowance. From a bit of Googling I understand I now also have to submit a self assessment tax return. I have never done one before - all my income has only ever been from my employment and PAYE, so presumably when I submit my return unless my employer has made a mistake with anything presumably there won't be any additional tax for me to pay? (Have absolutely no reason to think my employer won't have been doing my pay correctly btw). The Jan pay rise took me over £100,000 so presumably I'll have to do a tax return for the tax yr 2021/2022, and then thereafter. From further googling seems like it's fairly common to get an accountant to submit your self assessment for a flat fee, does anyone do this? I suppose because being PAYE mine should be straightforward but I always get a bit confused about tax things. Which all begs the question what the point of me needing to do a self assessment when my only income is PAYE.

First of all, I'd put enough of the payrise in your pension to bring your taxable pay under £100k, so you can keep your personal allowance. If you can't do that through your work pension, open a SIPP.

Then ask around for a recommended accountant in your area.

The Jan pay rise took me over £100,000 so presumably I'll have to do a tax return for the tax yr 2021/2022

Not necessarily - add up the taxable pay know your payslips for the period (I.e with pension deducted) and see if the total for April 2021 - Mar 22 was over £100k

Know = from

Unless you have complicated tax affairs it is v easy to do a self assessment return. Sounds like yours is simple. Set up a self assessment account and take a look before paying for an accountant. If you’re just over the £100k see if you can pay extra into your pension as the effective rate of tax is punitive while they claw back your personal allowance.

Very easy to file online. Fair warning - very likely they undercharged you if your pay increased late in the tax year (happens to everyone in bonus heavy industry the first time around). Do the math for yourself, but expect to pay a few grand in tax due to the loss of personal allowance (depending on how much you lost). The hidden 60 percent tax bracket is a killer.

These are all very helpful responses, thank you!