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  • The Know Daily - Monday 8 January 2024

The Know Daily - Monday 8 January 2024

šŸ“® The Post Office scandal, understanding the ā€˜side hustleā€™ tax + the tube strike latest.

Read in 5m 24s āˆ™ Listening to Lily AllenĀ āˆ™ Share us to your socials ā˜ļø

šŸ“®Ā Post Office under pressure: The justice secretary is exploring ways to clear the names of Post Office workers affected by the Horizon IT scandal.

šŸ¤‘Ā The ā€œside hustleā€ tax, explained: Second-hand clothes sellers could face tougher tax rules this year due to HMRC clamping down on side hustles.

šŸš†Ā Strike called off: A tube strike that was meant to run from today until Thursday has been cancelled.

Fourteen newly discovered species of wasps have been given the group name of ā€œDalekā€ after the villains in Doctor Who, to mark the showā€™s 60th anniversary. ā€œI thought it was a good nameā€¦ and a bit of fun having been a big fan of Doctor Who in my early years,ā€ said Dr John Noyes, a scientific associate at Londonā€™s Natural History Museum, which documented the new species.Ā 

šŸ“®Ā Post Office under pressureĀ 

The justice secretary is exploring ways to clear the names of hundreds of Post Office workers who were unjustly prosecuted as part of the Horizon IT scandal.

Remind me what happened?
Between 1999 and 2015, more than 700 postmasters were prosecuted for theft, fraud and false accounting because of ā€œfaulty accounting softwareā€ that led to some ā€œfiling shortfallsā€ in their returns, explained The Guardian.

Despite being seen as ā€œthe most widespread miscarriage of justice in UK historyā€, fewer than 100 people have had their convictions quashed to date.

Why is this story back in the headlines?
Itā€™s partly down to a recent ITV mini-series called Mr Bates vs the Post Office: The Real Story, which has stirred public anger and fuelled demands for the government to take action.

MPs are expected to raise the issue when they return to parliament later today - with PM Rishi Sunak telling the BBC on Sunday that it was correct for the government to ā€œtry to make this right for the people who were so wrongfully treatedā€.Ā 

What could justice look like?
The justice secretary Alex Chalk is meeting with Kevin Hollinrake, the minister for the Post Office, later today, to explore with government lawyers ways to speed up the process of exonerating those who have been wrongly convicted.

Chalk will also look at whether the Post Office ā€œcan be stripped of its role in the appeals processā€, reported The Times.

What else is going on?
In September last year, the government announced a new fixed payment sum for victims of the scandal. At the time, critics said this did not amount to ā€œfull and fairā€ compensation for some - and the government has repeatedly faced calls to speed up the process.

šŸ™‹ā€ā™€ļø TRIVIA TIME

Which city has been named the European Capital of Christmas for 2024?

A) Waterford, Ireland
B) Brno, Czech Republic
C) Almanza, Spain

Scroll to the very bottom for the answer.

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šŸ¤‘Ā The ā€œside hustleā€ tax, explained

Second-hand clothes sellers could face tougher tax rules this year, as HMRC looks to clamp down on side hustles.

Go onā€¦
From 1 January, platforms such as Vinted and Etsy are required to routinely collect and share details of transactions with the tax authorities, under new rules aimed at allowing HMRC to ā€œhome in on anyone who should be declaring the extra income but isnā€™tā€, said the BBC.

While online sellers currently have a tax-free allowance of around Ā£1,000 a year, anyone who earns above this should register as self-employed and file a tax return. Airbnb will also be required to share this data with HMRC, as will food delivery and taxi hire services.

Whatā€™s behind the move?
The UK government said the new rules will help it ā€œbear down on tax evasionā€, with an HMRC spokesperson adding that it would ā€œensure a level playing fieldā€ for all taxpayers.

Howā€™s the clampdown gone down?
Not particularly well, if social media is anything to go by. ā€œSurely taxing millionaires would be more profitable than Sharonā€™s used tops?,ā€ posted one Twitter/X user.

But another cited the furore as an example of how ā€œmisinformation spreads so quicklyā€ on social media. ā€œThe tax man is not coming after you for clearing out your clothes on vinted,ā€ they said.Ā 

Okay - so whatā€™s the takeaway?
If youā€™re making a little bit of extra cash from clearing out your closet from time to time, youā€™re unlikely to be impacted. However, those earning below the Ā£1,000 threshold are still advised to ā€œkeep recordsā€ in case they are asked for them, said The Independent.

Check out the official government guidance here.

Will you be affected by the new side hustle rules?

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šŸš† Tube strike called off: A tube strike which was meant to run from today until Thursday was cancelled on Sunday following last-minute talks between the RMT union and TfL.

šŸ’… Golden Globes 2024: The first major red carpet event of the year took place in Beverly Hills last night - and stars including Margot Robbie, Taylor Swift, TimothĆ©e Chalamet and Barry Keoghan certainly dressed to impressā€¦

šŸ¦Ž Cold-blooded crime: Hundreds of lizards worth around $1.2m have been seized by police across Sydney, Australia, who found the creatures concealed in ā€œchip packets, handbags and cereal containers bound for Hong Kongā€.

šŸš€ Peregrine Mission-1: The first US spacecraft headed to the moonā€™s surface since Apollo 17 in 1972 launched on schedule this morning and has completed the initial stages of its flight.

šŸ A ā€œRatatouille-style sceneā€:Ā Night vision footage taken by a retired postman has gone viral for capturing a mouse tidying up items in a shed almost every night for two months.

Wild Nutritionā€™s top tips to start your year off strong - first up, getting sunlight or natural light ASAP in the morning. ā˜€ļø

Come for: Going outside - come rain or shine - for a walk around the block as soon as possible after your alarm starts bleeping.Ā 

Stay for: The ample benefits associated with getting sunlight first thing, including improving your focus, circulation, mood and overall sense of wellbeing.

Weā€™ve partnered with Wild Nutrition to give our readers 20% off all supplements - like this Womenā€™s Daily Multi Nutrient.

Want to learn more about which supplements are right for you? Take this handy quiz.

During a normal week, how often do you get sunlight in the mornings?

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Trivia answer:Ā B) Brno, located in South Moravia in the Czech Republic, has been named the European Capital of Christmas for 2024 - and from looking at these photos, you can understand whyā€¦

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