Rob
Joined: 5/10/2023
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Self-assessment and trading allowance when employed
Hello, 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.