A major boost for freelancers and side-hustlers is on the horizon, as the government prepares to nearly triple the tax-free trading allowance from £1,000 to £3,000. The change, set to take effect next year, could take up to 1.4 million people out of paying tax on their additional income from hobbies, self-employment, or reselling goods. Those earning modest extra cash could see significant savings, with some potentially avoiding hundreds in tax bills. The move aims to support Britain’s growing gig economy while simplifying tax obligations for low-level traders.
Up to 1.4 million people could benefit from change to trading allowance announced in budget, with some saving hundreds in taxThe amount Britons can earn from a side hustle without paying tax will rise to £3,000 next year in a fillip for those who make extra cash from hobbies or reselling.Up to 1.4 million people could benefit from the change announced in the budget, with the chancellor confirming the tax-free “trading” allowance will increase from £1,000 to £3,000 in April 2027. Continue reading...
