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My annual business income is low, it's less than £14,000. My expenses have been deducted and this leaves me with just £7,500 which is obviously £5,000 below the personal allowance of £12,500.
Is this where it ends? I'm not expecting any tax refund but how can I spend £6,000 to keep my business running for 12 months and end up with a very low profit and nothing back in return? I cant live on such a low income. Is this normal practice in the UK? If your deduction of expenses leaves you with a figure below £12,500, you simply get no help. It's not worth me working if that's is the case. Any advice appreciated