Skip to main content

beta This is a new service – your feedback will help us to improve it.

Trading allowance apportioned?

Posted Thu, 04 Jul 2024 14:51:05 GMT by
Does trading allowance have to be apportioned depending on when self-employment commenced? 2022/23 SE started in Aug 22 until the year end with trading allowance claimed. For 2023/24 full years' SE income and claiming expenses instead of allowance but have error saying 'trading allowance cannot be claimed at the same time as expenses and capital allowances' and reverts your back to pervious year!?
HMRC Admin 10 Response
Posted Tue, 09 Jul 2024 11:24:42 GMT by HMRC Admin 10 Response
Hi
No the trading allowance is £1000 for the full tax year no matter when started.

You must be signed in to post in this forum.