Side hustle tax changes: HMRC reforms could save thousands from self-assessment

The government is reforming the self-assessment system to potentially exempt up to 300,000 individuals with side hustles from filing tax returns, increasing the trading income threshold from £1,000 to £3,000. This change aims to relieve pressure on HMRC and benefit those with no tax to pay or those able to use a new online service to pay owed taxes, ultimately supporting small businesses and entrepreneurs in the UK. The implementation timeline for these reforms remains vague, but the government’s efforts to simplify the tax system and boost economic growth are evident.

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