Threshold Raised from £1k to £3k by HMRC

[phoenixrecords318]

Hi all, does this mean that you need to make a profit of £3k or more before needing to submit a tax return?

Many thanks

[lucy_farmer]

No thresholds have actually been raised *yet*. The govt has said they will be raised sometime within this govt. (i.e. before 2029)

[ruby*ryan]

 ... and it's not profit, it's turnover.

[papso22]

Not yet, and you will still have to pay tax, just not through the current self assessment return.