Within the current parliament, HMRC have announced that the reporting threshold for trading income for self assessment will be increased to £3,000. This will mean individuals with trading income between £1,001 and £3,000, won’t need to file a self-assessment tax return and instead can use a new simple online service to report income.
The £1,000 trading allowance will still remain, so if your trading income is below £1,000 you wont be required to report your income.
Please note that there is no set date yet for when this will come into effect, but it is planned to be within the current parliament.
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