Further relaxation of self-assessment thresholds announced

Upcoming Self Assessment Criteria Changes | Randall & Payne

The thresholds at which trading, property and ‘other taxable’ income need to be reported to HM Revenue & Customs (HMRC) through a Self Assessment Tax Return will be aligned and changed to £3,000 (gross) each. Instead of reporting through a Tax Return, individuals will be able to report their relevant taxable income which is below the £3,000 threshold to HMRC through a new digital reporting service, although those affected can choose to remain in…

Further relaxation of self-assessment thresholds announced

The government has announced changes to the threshold at which some taxpayers need to complete a tax return. What’s the full story? The criteria for the requirement for self-assessment varies between different types of taxpayer. Previously, self-employed traders have enjoyed a turnover threshold of £1,000 with no requirement to register. HMRC has previously announced that the gross income threshold at which sole traders need to complete a tax re…