The UK government is reforming tax reporting for small traders, raising the Income Tax Self Assessment threshold from £1,000 to £3,000. This move is expected to assist around 300,000 taxpayers, with around 90,000 not liable for tax at all. The reforms, to be announced by HMRC Minister James Murray, include simplifying reporting requirements and introducing new digital processes. The initiative aims to make it easier for UK entrepreneurs to engage in side hustles like online trading and content creation, promoting a more entrepreneurial economy.
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.
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.
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