Recent proposals from the UK government intend to relieve approximately 300,000 taxpayers, including those with side hustles, from self-assessment. This move aims to untangle HMRC’s overloaded system, where management costs often exceed tax revenue. Experts, like Robert Salter from Blick Rothenberg, emphasize the need for clear communication with the affected taxpayers about any obligations once the new system is implemented. While many won’t owe taxes, they should consider voluntary National Insurance Contributions to maintain pension rights. The plan highlights the importance of HMRC’s auditing to ensure no taxpayer mistakenly gets excluded from necessary assessments.
Removing 300,000 taxpayers from self-assessment will free up the system to deal with returns in a more timely manner.
The revenue must communicate clearly with individuals affected by changes to ensure they understand any further obligations as taxpayers.
Collection
[
|
...
]