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Posted Fri, 04 Oct 2024 12:37:50 GMT by dom f
hello, I've got registered for self employment on 1st aug 2024 because that's when I was about to cross the £1000 mark but now I'm doing my records I realized I've got expenses that happened before this time cause I've bought things to start the business before the 1st Aug. now I'm confused about what to do when filling out the return when the time comes and what to record down. Do I record these early costs thats happened before 1st aug 2024 in my return when calculating my profits for the tax year? what about the little bits of pieces of earnings I've made before 1st aug 2024 that was less than £1000 combined.
Posted Mon, 14 Oct 2024 11:13:50 GMT by HMRC Admin 18 Response
Hi,

If you are claiming the trading allowance, you cannot claim any other expenses.

Thank you.

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