Major tax change announced for side-hustles affecting Vinted sellers, taxi drivers and dog walkers
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Vinted sellers to taxi drivers impacted by major tax change
- The UK government is set to increase the Tax Self Assessment (ITSA) reporting threshold for trading income from £1,000 to £3,000
- The change means about 300,000 individuals - including Vinted sellers, taxi drivers, and dog walkers - will no longer be required to file self-assessment tax returns.
- Of those, about 90,000 will owe no tax, while those that do can pay their taxes through a simplified online service.
- The change aims to reduce administrative burden and encourage entrepreneurial activity, particularly for those who started side hustles during the pandemic.
- While simplifying tax reporting, this measure won’t alter the total amount of tax owed.