sales online Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/sales-online/ Chartered Accountants & Business Advisors Thu, 20 Mar 2025 17:24:07 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://www.wrloaccountants.co.uk/wp-content/uploads/2018/01/cropped-WRLO-logo-big-32x32.jpg sales online Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/sales-online/ 32 32 Side hustle trading threshold raised to £3,000 per year https://www.wrloaccountants.co.uk/side-hustle-trading-threshold-raised-to-3000-per-year/ Thu, 20 Mar 2025 17:22:07 +0000 https://www.wrloaccountants.co.uk/?p=4311 The reporting threshold for trading income for self assessment is being lifted from £1,000 to £3,000 gross within this parliament, according to the Treasury. This includes people trading clothes online, dog-walking or gardening on the side, driving a taxi, or creating content online. The Treasury says this will benefit around 300,000 taxpayers who will no longer need to file a self assessment tax return. An estimated 90,000 of them 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 are part of the government’s Plan for Change, which it says will drive forward efficiency reform. James Murray, Exchequer Secretary to the Treasury, said: ‘From trading old games to creating content on social media, we are changing the way HMRC works to make it easier for Brits to make the very most of their entrepreneurial spirit. ‘Taking hundreds of thousands of people out of filing tax returns means less time filling out forms and more time for them to grow their side-hustle. ‘We are going further and faster to overhaul the way […]

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