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

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

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

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

 

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

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

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

papso22
Experienced Mentor

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

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