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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,

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