US EditionHMRC Income tax personal allowance petition to be debated in Parliament
- On May 12 2025, Parliament will hold a debate regarding a petition about income tax.
- Alan David Frost started this petition, which seeks a higher tax-free allowance.
- The petition requests increasing the tax-free personal allowance from £12,570 to £20,000.
- The petition gained nearly 250,000 signatures; the government stated it has 'no plans' to raise it.
- Officials cite fiscal costs and impacts to public services if the allowance increases.
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Making Tax Digital for Income Tax Self Assessment
Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will require sole trade businesses and landlords with qualifying income over a certain threshold to maintain digital records and update HM Revenue & Customs each quarter using compatible software. If your total income (not profit) from either or both (combined) of the above sources exceeds the following amounts, you will be caught: £50,000 (based on your 2024/25 Tax Return) – MTD ITSA…
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