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Posted Sun, 10 Nov 2024 12:44:58 GMT by PpneSteve
Hi, I receive pension payments each month from a private pension annuity. The income tax is taken through PAYE on my personal income tax account. I have recently started my own light goods transport company. (Sole Trader). I need to complete a business account tax return for FY 2023 to 2024 but I’m not clear on how I can stop the personal allowance being deducted from my businesses tax return?
Posted Wed, 13 Nov 2024 10:17:01 GMT by HMRC Admin 34 Response
Hi,
If you are a sole trader, you complete a self assessment tax return, with which you declare your world-wide income, so you would complete the self employment section (SA103S) and the employment section (SA102) and any other appropriate section or supplementary page. If you have created a limited company, you are not a sole trader and you would complete a business tax return, which is different to a self assessment tax return. The business tax return is only for your business.
Thank you

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