The UK government plans to increase the self-assessment tax return threshold from £1,000 to £3,000, benefiting around 300,000 taxpayers. Tax Minister James Murray highlighted that the adjustments are aimed at facilitating individuals to explore entrepreneurial ventures and simplify tax procedures. Consequently, about 90,000 individuals with side hustles will be exempt from reporting income to HMRC. Additionally, HMRC will launch a new online form for self-employed individuals to disclose cash earnings up to £3,000, thereby streamlining the tax process.