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Manchester Accountants Dunhams find our more - Further relaxation of self-assessment thresholds announced

Further relaxation of self-assessment thresholds announced


Posted on: 02-05-2025

Further relaxation of self-assessment thresholds announced

The government has announced changes to the threshold at which some taxpayers need to complete a tax return. What’s the full story?

Further relaxation of self-assessment thresholds announced -Dunhams News Blogs

Self-assessment

The criteria for the requirement for self-assessment varies between different types of taxpayer. Previously, self-employed traders have enjoyed a turnover threshold of £1,000 with no requirement to register. HMRC has previously announced that the gross income threshold at which sole traders need to complete a tax return will increase from £1,000 to £3,000 before the end of 2029. Until now, it was unclear whether this would apply to other taxpayers.

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The government has now confirmed that it will also increase similar thresholds for taxpayer’s with the following sources of income:

Further relaxation of self-assessment thresholds announced -Dunhams News Blogs

Note. The threshold only applies to the reporting of income, and some affected individuals will still have an income tax liability. HMRC intends to launch a simple online service to collect the tax and will be providing further details on this later in the year.

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