threshold Archives - WRLO Accountants

Side hustle trading threshold raised to £3,000 per year

WRLO Accountants — Thu, 20 Mar 2025 17:22:07 +0000

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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February 2021

WRLO Accountants — Tue, 09 Feb 2021 16:08:21 +0000

In this month’s Enews we consider the latest Self Assessment figures, those named and shamed for failing to pay the minimum wage and Scottish Budget announcements. With guidance on bonuses for businesses taking on trainees, calls for changes ahead of the Budget and the Supreme Court ruling on business interruption claims there is a lot to update you on. 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns HMRC has revealed that more than 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns by the 31 January deadline. The remaining 1.8 million whose tax return is now late will not be charged a late filing penalty provided they submit their return online by 28 February. Taxpayers who did not pay their […]

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