Tax change from next year (2027-28)

[CaptainsPlease]

Some news from the Budget that I only just noticed. From next tax year April 2027-April 2028 the trading allowance and trading income reporting threshold are both increased from £1,000 to £3,000. This has some positive implications for refs:

• No need to declare anything to HMRC if gross trading income is less than £3,000.
• Anyone going over £3,000 still has to declare it but can deduct the full allowance from the taxable income, even when actual expenses are less than that (e.g. if trading income is £4k then a maximum of £1k is subject to income tax).
• I believe this change will mean a ref with trading income £3k or higher will pay £400 less in income tax if they are a basic rate taxpayer, or £800 less if they are a higher rate taxpayer.

 

[JamesL]

Some news from the Budget that I only just noticed. From next tax year April 2027-April 2028 the trading allowance and trading income reporting threshold are both increased from £1,000 to £3,000. This has some positive implications for refs:

• No need to declare anything to HMRC if gross trading income is less than £3,000.
• Anyone going over £3,000 still has to declare it but can deduct the full allowance from the taxable income, even when actual expenses are less than that (e.g. if trading income is £4k then a maximum of £1k is subject to income tax).
• I believe this change will mean a ref with trading income £3k or higher will pay £400 less in income tax if they are a basic rate taxpayer, or £800 less if they are a higher rate taxpayer.

Yes. A very welcome change.

 

[Tealeaf]

And mileage rate amendments too. 55p per mile now fixed for first 10k, then 35p afterwards. Claim for all those games and meetings

 

[CaptainsPlease]

And mileage rate amendments too. 55p per mile now fixed for first 10k, then 35p afterwards. Claim for all those games and meetings

This definitely helps for this year where the trading allowance is still 1k, in future it will mainly help those whose primary income is from self-employment. Otherwise, the new 3k trading allowance is likely to exceed actual refereeing expenses (at least until inflation catches up with it...)