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Posted Sat, 23 Jul 2022 14:49:50 GMT by Chris Stones
Hi all, I am trying to understand if I can use Trading Income Allowance. If I have an income of £30,000 but expenses are only £750 can I use the Trading Income Allowance of £1000 instead? My understanding is that I can use Trading Income Allowance if expenses are less than £1000 but it would be great to have it confirmed by someone who understands these things better than I clearly do. Thanks for your help. W
Posted Tue, 26 Jul 2022 11:46:18 GMT by HMRC Admin 10
Yes you can use the trading allowance as this is more beneficial.

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