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Posted Wed, 13 Nov 2024 16:06:25 GMT by gwquery1
I'm completing sole trader self assessment for first time. The form asks me for my revenues and expenses. It does not ask me for the cost of goods that I sold. Do I subtract the cost of goods sold from my sales and put the result in the revenues box? Alternatively do I put the costs of goods that I sold in the expenses? I want to claim the £1000 trading allowance. Thanks
Posted Fri, 15 Nov 2024 15:03:31 GMT by HMRC Admin 19 Response
Hi,
Your sales are your turnover/revenue.
If you are claiming the trading allowance you cannot claim any other expenses.
Thank you,
Posted Sun, 17 Nov 2024 18:23:17 GMT by Lyndsey15018 Rice
Can somebody please advise I’ve been selling mine my children older and younger clothes and friends and baby accessories I’ve made just over 1,000 And have now sold everything and will now be only selling a couple of things a month If I don’t I’ll be closing my account I don’t use eBay etc do I need to do anything and won’t be getting 50 a year moving forward do I need to do anything
Posted Tue, 19 Nov 2024 08:48:27 GMT by HMRC Admin 8 Response
Hi,
More information can be found here:
Check if you need to send a Self Assessment tax return 
Thank you

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