Big Tax Break Coming for UK Side Hustles: Trading Allowance to Triple by 2029 🚀
Are you one of the millions of Brits with a side hustle ? Maybe you sell handmade crafts online, do some freelance work, or rent out a spare room. If so, we have great news! The UK government plans to raise the tax-free trading allowance for side hustles from £1,000 to £3,000 by 2029. This change will make life easier for people with small second incomes and help more people try new business ideas without worrying about tax right away. Let's look at everything you need to know about this important change. What Is the Trading Allowance? 💰 The trading allowance is a tax-free amount you can earn from casual trading or a side business without telling HMRC or paying tax on it. Right now, this amount is £1,000 per tax year. This helps people who: Sell items online through sites like Etsy or eBay Do small freelance jobs on platforms like Fiverr or Upwork Offer services like dog walking, tutoring or handyman work Have other types of small business income Having this allow...