Up to 300,000 people, including those with side hustles, will no longer need to file a Self-Assessment tax return, the UK Government has announced.
This includes people trading clothes online, dog walking or gardening on the side, driving a taxi or creating content online.
The Income Tax Self Assessment (ITSA) reporting threshold for trading income will increase from £1,000 to £3,000 gross within this parliament.
This will help deliver the Plan for Change by freeing up time for taxpayers helping to create the conditions for economic growth.
An estimated 90,000 of the 300,000 will have no tax to pay and no reason to report their trading income to HMRC in the future at all. Others will be able to pay any tax they owe through a new simple online service
The changes reflect the government’s commitment to driving forward efficiency reform, a key component of its Plan for Change.
