900,000 sole traders pulled into MTD for ITSA - M J Bushell

Vinted, France's leading platform for selling secondhand clothing and accessories, can quickly raise tax questions, whether you use it occasionally or as a supplementary source of income. What's the real story with Vinted taxes?

900,000 sole traders pulled into MTD for ITSA - M J Bushell

The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This latest extension means that an additional 900,000 sole traders must adopt digital record-keeping and quarterly tax submissions by this deadline. Who is affected and when? Mandating digital record-keeping allows HMRC to enhance compliance and streamline reporting for taxpayers and the tax authority, …

Streamlined tax rules for online traders

The Government has announced a significant change in tax regulations for individuals with side hustles. This change is expected to benefit around 300,000 taxpayers, with an estimated 90,000 no longer needing to report their trading income to HMRC.  From 2029, the threshold for filing a self-assessment tax return will rise from £1,000 to £3,000. The new rules will apply to a variety of activities, including selling items on platforms like Vinted …