New limit for reporting trading income

New limit for reporting trading income

The government is planning a change that it says could save thousands of taxpayers from having to file a self-assessment tax return. What’s the full story? Self-assessment reporting. James Murray, a senior Treasury official, recently announced a change to the tax reporting rules that will remove around 300,000 taxpayers from the self-assessment system. This will apply to individuals who receive no more the £3,000 per tax year from self-employed …

Major changes ahead for directors of close companies – New dividend reporting rules from April 2025 - Smailes Goldie

From 6 April 2025, directors of close companies will face a notable change in how they report dividend income on their Self-Assessment tax returns. Under the updated rules introduced by HM Revenue & Customs (HMRC), more detail will be required and is a change set to impact an estimated 900,000 directors across the UK. More paperwork ahead for directors of close companies Currently, directors reporting dividend income on their Self-Assessment tax…