johnathon.laquan
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Dormant Limited company allowed in same year as Trading Allowance?
I have incorporated a new limited company during this year (24-25) but have not yet set up any business bank account or done any trading or business under the company. Nothing whatsoever in income or expenditure for this company since its incorporation. Separately, I have been making use of the £1000 Trading Allowance to do ad hoc jobs and have at no point made any connection between my ad hoc work and my limited company. Assuming that I keep my limited company dormant during this year and do not carry out any trading in its name, am I still entitled to use the £1000 Trading Allowance in my 24-25 return, or does the very existence of my (empty!) limited company during this year with me listed as a director and PSC immediately ban me from using the Trading Allowance in that tax year?