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  • RE: Trading allowance

    so to clarify can I use it on the craft business even though I have combined self employment turnover on both of over £1000
  • RE: Trading allowance

    I have a second section on my self employments as I have fostering income. This is over £1000 turnover. Is the trading allowance a combined turnover total for all self employments or for each self employment? Scenario For example my craft business had £200 turnover but my fostering self employment had £5000 turnover. Does this mean A. the combined of the two turnovers is over the £1000 allowance being £5200 so I cannot claim turnover allowance at all? or B. Each employment has a trading allowance so in the scenario above I can claim the trading allowance on the business with £200 turnover but not the fostering self employment?
  • RE: Trading allowance

    What section is the box where you was to answer "No" to the question "was your turnover over £1000" Which additional information section should I put the clarification?
  • Trading allowance

    On my 2021/22 tax return I had a business that had over 1k in turnover and the business was a separate section on my self assessment. In tax year 2022 / 23 the income is less than 1k but still made a few hundred pound in profit. This mean I can use my trading allowance? How do I reflect this in my self assessment do I just not have a self employment page for it at all so that it does not show on my self assessment or do I need a section for it and somehow come down to a zero figure?