HM Revenue & Customs (HMRC) plans to increase the threshold for self-assessment tax returns to £3,000, aimed at alleviating the filing burden for around 300,000 taxpayers. The policy shift, part of the government's strategy to modernize HMRC's operations, will particularly benefit those with multiple income streams from activities like online sales and content creation. The new threshold will eliminate tax requirements for roughly 90,000 individuals and streamline the reporting process, allowing those affected to focus more on developing their businesses.
HMRC is set to raise the self-assessment tax return threshold to £3,000, exempting 300,000 taxpayers and reducing the filing burden.
The new threshold, replacing the £1,000 allowance, aims to support individuals earning from side hustles like online sales and content creation.
James Murray emphasized that simplifying tax filing will allow more time for individuals to develop their entrepreneurial ventures.
Eve Williams stated that less paperwork can help side hustles flourish into successful small businesses, aiding many during tough economic situations.
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