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About 300,000 people will be released in the UK with profitable “side rocks” such as selling goods via the Internet from providing tax decisions under government plans to strike tax -exempt trading allowance from 1,000 pounds to 3000 pounds.
Under the current rules, anyone with an additional income must be more than 1,000 pounds of side roles, to approve a tax on self -evaluation.
By raising this level to 3000 pounds, the ministers hope to reduce the bureaucracy for the increasing number of people who use businesses such as Vinted or EBAY to sell online elements, as well as economics workers.
The pledge is part of a new package announced by the government aimed at enhancing growth through transformation HM revenues and customs In “faster, more just and more modern.”
The ministers estimate that about 90,000 out of 300,000 people no longer have to report trading income will have no additional payment tax due to changes.
“We are changing the way HMRC works to facilitate the British to benefit from their spirit in the field of entrepreneurship,” said James Murray, Minister of the Treasury who heads the HMRC board of directors.
“Taking hundreds of thousands of people out of tax declarations means less time to fill out forms and more time for them to develop their side plate.”
In a speech on Tuesday to celebrate the twentieth anniversary of HMRC – which was formed in 2005 by integrating internal revenues, customs and mosquitoes – Murray also announced a pilot with the American customs office to accelerate companies in the United Kingdom and the United States.
Other measures announced in the letter included a new plan that provides financial bonuses for those who report dangerous tax fraud to HMRC.
The plan, which is inspired by the plans of successful violations in the United States and Canada, aims to make an explanation of high -value tax crimes and avoid taxes by large companies, wealthy individuals and external plans.
HMRC is already submitting payments to those who report violations who report tax fraud, but the payments are estimated and not related to the amount of tax that has been recovered.
Under the new plan, informants can take an “important” amount of compensation “equal to the tax rate. The accurate details have not yet been set about the exact percentage, although the government said it is expected to produce the plan more than its costs.
Murray also announced plans to handle the managers of rogue companies by closing the gaps in the company’s records and accidents and increasing investigations into compliance.
Since assuming his role in HMRC’s board of directors last year – the first time that the Minister of this position has been – Murray said that he took HMRC officials to meet with private sector companies including NatWest, Octopus Energy, Barclays, John Lewis and Centrica to learn “best practices and innovative curricula” including customer services update, and the use of AI Tolide.
Murray added that HMRC experiences the use of artificial intelligence to direct taxpayers to advice on the government’s website.
