Up to 300 000 people including those with side hustles will no longer need to file a self-assessment tax return exchequer secretary to the Treasury James Murray has announced. He made this and several other announcements during his key note at an event hosted by the CIOT and the ICAEW marking the 20th anniversary of HMRC on 11 March.
Trading threshold
The reporting threshold for trading income will increase from £1 000 to £3 000 within this parliament. As a result said Murray about 90 000 individuals ‘will have no tax to pay and so will not need 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’.
Blick Rothenberg director Robert Salter said: ‘There must be clear communications between the Revenue and...
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