I file self-assessment because I have foreign rental income. I am employed (part-time) and occasionally do some consulting on the side.
How do I report the self employed income.
Ex. In a year I have 5000 of foreign rental income, 40000 of employment income and 1200 of consulting income.
Can I take advantage of the trading allowance for the 1200 consulting income? I.e. pay tax only on the 200 in excess of the 1000 allowance?
If it makes a difference, I also take advantage of Foreign Tax Credit Relief and Personal Allowance.
Should I include rental income net of expenses in my calculation of adjusted net income?
For instance, let's assume my income is 50,000 from employment and 10,000 from oversea rent, for which I also incur rental expenses of 5,000.
Is my rental income calculated net of the costs (i.e. 55k = 50k+(10k-5k)) or is it just the sum of employment income and rental income without the costs (i.e. 60k = 50k + 10k).