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Posted Sun, 16 Jun 2024 15:42:55 GMT by Perfusion
Hello, My main job is taxed via PAYE, which puts me in the higher tax rate of 40%, however I also do some self employed work throughout the year as a second source of income - this is untaxed. My query is with the £1000 tax free trading allowance, my 2nd income from the self employed work exceeds this but am I correct in thinking I can claim the £1000 as expenses providing I do not claim for any other expenses on my self assessment? If so, do I simply enter £1000 in the "Total Allowable Expenses" section when detailing my self employed income? Thank you.
Posted Thu, 20 Jun 2024 08:58:16 GMT by HMRC Admin 32

Correct. Your gross turnover is reduced by £1000, leaving the net proft to be taxed at the relevant tax rate, which you state is 40%.

Thank you.

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