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About 300,000 people in the UK with lucrative “side crowds” such as the sale of goods on the network will be exempted from submitting tax returns in accordance with government plans for tax -free trading plans with £ 1,000 to £ 3,000.
According to the existing rules, each with additional revenues of over £ 1000 from supporting roles must file a non -Professional tax return.
Increasing this level to £ 3000, ministers hope to reduce bureaucracy for an increasing number of people who use companies like VINTED or eBay for the sale of items online as well as GIG workers.
Pledge is part of a new package announced by the Government aimed at strengthening growth by transforming Hm revenue and customs in a “faster, righteous and more modern body”.
Ministers estimate that about 90,000 out of 300,000 people who will no longer have to report their revenue from trading will not have an additional payment tax for changes.
James Murray, Minister of Treasury chaired by the HMRC Committee, said: “We are changing the way HMRC works to make it easier for the British to make most of their entrepreneurial spirit.
“Taking hundreds of thousands of people from filing tax return means less time to fill in forms and more time for them to grow a side ball.”
In a speech on Tuesday to mark the 20th anniversary of HMRC – formed in 2005 by connecting internal revenues and HM customs and excise duties – Murray also announced a pilot with the US customs office to speed up trade processes for British and US companies.
Other measures announced in speech included a new scheme offering financial prizes to those who report a serious tax fraud in HMRC.
The plan, inspired by the successful schemes of whistling in the US and Canada, aims to reduce high tax crimes and avoid taxes by large corporations, rich individuals and offshore schemes.
HMRC already pays to whistleblowers reporting tax fraud, but payments are discretionary and are not related to the tax amount.
According to the new scheme, the donuts could bring home a “significant” amount of compensation the same tax content. Precision details about the exact percentage have yet to be set, although the government said that the scheme is expected to generate more revenue than it costs.
Murray also announced plans to resolve Rogue Company director, closing holes in the registration and solutions of the company and increasing alignment investigations.
Ever since he took over his role in the HMRC Committee last year – the first time the minister held the position – Murray said he had taken over HMRC officials to meet companies in the private sector, including Natwest, Octopus Energy, Barclays, John Lewis and Center to learn “Best Practice generative AI.
HMRC is trying to use the generative AI to direct taxpayers on advice on the Government website, Murray added.
