Sir Keir Starmer plans to grow the economy by increasing the Income Tax Self Assessment reporting threshold for trading income from £1,000 to £3,000, sparing around 300,000 side hustlers from filing tax returns. Of these, approximately 90,000 individuals will owe no tax, and the rest can pay any tax owed through a new online service. Tax minister James Murray will announce these changes, as well as plans to ease import restrictions on valuable objects, at a speech marking the 20th anniversary of HMRC.
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A roundup of the latest news on Wednesday
In Spain, incessant rain persists with the arrival of Storm Konrad, affecting several provinces with heavy rain, strong winds, and snow. Buying a home in Spain now requires a family's entire income for over 6 years, with prices exceeding net incomes. The Barcelona branch of Spain's Popular Party suggests banning burqas in schools and health centers, while Air France-KLM and Lufthansa compete to acquire a stake in Spain's Air Europa, offering significant investments and debt...
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