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Posted Thu, 07 Sep 2023 07:20:15 GMT by Rob
Hello, I file self-assessment because I have foreign rental income. I am employed (part-time) and occasionally do some consulting on the side. How do I report the self employed income. Ex. In a year I have 5000 of foreign rental income, 40000 of employment income and 1200 of consulting income. Can I take advantage of the trading allowance for the 1200 consulting income? I.e. pay tax only on the 200 in excess of the 1000 allowance? If it makes a difference, I also take advantage of Foreign Tax Credit Relief and Personal Allowance.
Posted Tue, 12 Sep 2023 16:10:37 GMT by HMRC Admin 10
Please see the following regarding the trading allowance:
Trading allowance

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