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Posted Thu, 05 Dec 2024 06:49:31 GMT by phara3000
On the previous self assesment tax return I claimed expenses of £300. Can I amend that self assesment to add in the rest of the trading allowance amounting to £1000 or ask for the trading allowance to be considered instead? And then have my tax return recalculated?
Posted Tue, 10 Dec 2024 11:35:02 GMT by HMRC Admin 21 Response
Hi,
You can either claim the trading income allowance of £1000 or claim expenses.
You cannot claim both.  
You can amend your 2023 to 2024 tax return up to 31 January 2026.
Thank you.

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