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No more tax returns for side hustlers selling clothes on Vinted or making money from TikTok

The UK government will raise the self-assessment tax return threshold from £1,000 to £3,000, benefiting up to 300,000 taxpayers.
Tax Minister James Murray stated that the changes aim to make it easier for individuals to pursue entrepreneurial opportunities and streamline tax processes.
Around 90,000 people with side hustles will no longer have to report income to HMRC due to this change.
HMRC will introduce a new online form for self-employed individuals to declare cash earnings up to £3,000, simplifying the tax process.

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The Independent

Major tax change announced for Vinted sellers, taxi drivers and other side-hustles

Side hustle tax rules are being shaken up in a push for growth – here's how it will affect you

15 hours ago·London, United Kingdom

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Ilkley Gazette

+4 Reposted by 4 other sources

HMRC rule change to boost eBay, Vinted and other side hustles

Up to 300,000 people, including those with side hustles, will no longer need to file a Self-Assessment tax return

19 hours ago·Ilkley, United Kingdom

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Sky News UK

No more tax returns for side hustlers selling clothes on Vinted or making money from TikTok

Up to 300,000 people with side hustles selling clothes on Vinted and eBay or making money from TikTok will no longer have to report their income to HMRC.

19 hours ago·United Kingdom

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The Washington Informer

Side Hustles Become a Necessity for Millions as Costs Rise

Nearly half of Americans have a side hustle to help cover daily expenses, with 71% earning less than $500 monthly, and most earning lower incomes due to rising inflation. The post Side Hustles Become a Necessity for Millions as Costs Rise appeared first on The Washington Informer.

20 hours ago

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Financial Times

Threshold for filing ‘side hustle’ tax return to rise to £3,000 in UK

Cash earnings to increase from current level of £1,000 in boost to people who sell goods online

20 hours ago·London, United Kingdom

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Bloomberg

UK to Raise Income Tax Reporting Threshold to Help Side-Hustlers

The UK government will raise the reporting threshold at which people have to self-declare earnings for income tax, a move it said would help people who earn money from so-called “side hustles” like dog-walking, trading clothes online and gardening.

20 hours ago·United States

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