the sanewit

This is not about future events. It's about what happens this tax year year as a result of the changes announced in the 2023 Autumn statement.

You don't have to claim the trading allowance. You may be better off ignoring the trading allowance and just claiming the expenses against profits. And, if you are, it's perfectly ok to do that. Entirely your choice.

The original question doesn't mention existing relief but, for the avoidance of doubt, no relief has yet been claimed.

Hi Thanks for your answer. Which of the two questions are you answering? When will you answer the other? In regards to the answer you have given, nothing in the original question mentions any claimed relief. Is the answer dependent on when other relief is claimed?

I understand that from 24/25 sideways loss relief is available to self employed persons making a loss. If such a person has a carried forward loss from 23/24 can sideways loss relief be claimed in 24/25 (assuming the entire c/f loss is not wiped out by 24/25 profits)?

This is a general enquiry. The question is simply whether the cost of a loan obtained to finance inventory but obtained after that inventory is purchased with ones own money, is eligible to be offset against profit. I have obtained professional advice which says that it is, but wanted to confirm with HMRC.

I am a sole trader and have invested significantly in inventory using my own money over the last 12-18 months. If I were to now borrow funds commercially to replenish my personal funds, would that cost be tax deductible? I'm conscious that I've already paid the money out. Thanks in advance.

I currently have about £50k worth of stock, paid for using savings. I have 2 questions #1 If I take out a personal loan now (ie after purchase) to cover this stock, can I offset the interest against tax. #2 If I take out a personal loan now to buy new stock, can I offset interest against tax in that scenario? I am accounting on a cash basis (in case that matters). THanks