Trading allowance threshold

[Bowat80]

I'm a new ref this season and have referred to this forum (as well as HMRC) for advice regarding the self-assessment tax return.

It's been in the news today about the possible tax free trading allowance increase from £1000 to £3000. Uncertain when this would come into effect though.

 

[DavidObs]

For many, even with a £1000 trading allowance, it could justified that grasssroots Referees would fall into this category.

 

[Archer]

I’ll have to turn down those UEFA playoffs rounds again I guess.

 

[RefJef]

My understanding is is that you will still have to declare and pay tax on anything over £1000, but if you have a “side hustle” that earns above £1000, but less than £3000 you will declare it - and pay tax on it - using a simplified online form rather than having to complete and submit a tax Self Assessment form, which is what you currently need to do.