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Supporting side-hustlers: HMRC to raise threshold for self-assessment to £3,000
In a significant boost for side-hustlers across the UK, the Government announced this week that the threshold for filing a self-assessment tax return for trading income will rise from £1,000 to £3,000 by 2029.
Up to 300,000 people, many of them with side hustles (including those selling on eBay), will no longer have to file a tax return with HMRC, simplifying the process considerably. Eve Williams, eBay UK’s General Manager, expressed her enthusiasm in an official press release on gov.uk, stating:
“This will be welcome news for thousands of UK sellers for whom eBay is a side hustle and a means of supplementing their household income during challenging times. By removing the paperwork associated with selling online, hopefully we will help these side hustles grow into fully fledged small businesses”.
Please note that this is separate to digital sales reporting, which requires online platforms to share sales information over certain thresholds with HMRC. It’s also not to be confused with the Trading Allowance, a tax allowance that currently applies to trading income.
However, it’s an extremely positive move from the Government, which we hope will help to support eBay sellers. We’ll continue to advocate for all of our sellers, business and private alike, to drive more positive change that makes selling simpler and more profitable for you.
Thank you for selling on eBay.
Your eBay Team
