New tax rules and self assessment by government question

[troopster2525-per]

Hi there i have realised typing this im on my normal ebay account but ill post anyway

I have a business account and paid tax this jan for 23 to 24 period of about £160 i do not make much and even less so now as sales dropped to lows of.... maybe its not worth carrying on numbers 🧐

But I just read the government are changing again who needs to fo self assessment and oay tax on side hustles. It says alot will no longer have too

Heres a link.

Can anyone help with if this new rule includes me as in mentions somewhere sales limit going to 3k from 1k before tax is paid.

I put images on mugs and coasters and make stickers.

I do not make much as i said and definitely dont make 3k a year doing this and definitely not this year.

I can not find info out if i will be included in these new rules 

https://www.gov.uk/government/news/boost-for-side-hustlers-as-300000-people-to-be-taken-out-of-tax-r...

[papso22 · Accepted solution]

The new rules have no implementation date other than 'within the life of this parliament'.

It will be years before they come in so it's 'business as usual' for now.

[troopster2525-per]

Ah i should have realised it was too good to be true 😂

[magpiecorner1]

Make sure that you have offset all your business expenses! 

If you have income for other earnings - PAYE, pensions etc and have used up your personal allowance, check the HMRC website - there is a room allowance and loads of other stuff even in simple accounting that could reduce your nett profit to a nett  loss and reduce the tax you pay elsewhere.  Lots and lots of info, and you can even look up past seminars and attend future on-line seminars and discussions.

If the £1000 turnover allowance is raised, it could mean that you eventually don't need to submit a self-assessment form what it changes.

[vintique*violet]

If at all, although they have said by 2029 - so you are probably correct.