People earning less than £3,000 from their side hustle will not have to fill out self-assessment tax return
Away from tariffs momentarily to bring you news that’s just dropped from the UK government…
People earning less than £3,000 a year from a side hustle will no longer have to file a self-assessment tax form, it has been announced.
Instead of using the complex tax return system, Treasury minister James Murray said a new and simple online form will be used for declaring cash earnings up to £3,000 in self-employed work.
But it won’t change the amount of tax owed.
“From selling old games to creating content on social media, we are changing the way HMRC works to make it easier for Brits to make the very most of their entrepreneurial spirit,” he told The Sun ahead of the official announcement at 3pm today.
“Taking hundreds of thousands of people out of filing tax returns means less time filling out forms and more time for them to grow their side-hustle.”
Under current rules, people who earn £1,000 or more a year from activities such as online content creation, dog walking, or making handcrafted items to sell, must pay tax on it.
This means they need to submit a self-assessment tax return.
Those who earn less than £1,000 in a year don’t need to declare it or pay tax on it.
