Change to rules for reporting income from side hustles

Changes were announced recently which are to be introduced to those with very small amounts of trading income.

The actual implementation date has not been specified but we understand this will be in this parliament.  The threshold for filing a self-assessment assessment return will increase from £1,000 to £3,000.  For affected taxpayers, instead of filing a full tax return a new, online service outside of self- assessment will be introduced to enable people to inform HMRC of the tax due.

Further reading:  reporting small amounts of self employed income