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SEISS and Trading Allowance

How do these interact ?

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Is Trading Allowance treated as an expense for the purposes of calculating income for SEISS?

Say, sales £1000, covered by trading allowance.  Is that profits of £1000 or nil ?

I'm thinking nil but Taxfiler thinks £1000

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JCACE
By jcace
08th May 2020 18:21

Here's what the guidance says:
"If your annual gross trading income, from one or more trades or businesses is more than £1,000 you can use the tax-free allowances, instead of deducting any expenses or other allowances."

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By SXGuy
08th May 2020 19:21

I'm thinking £1000.

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By New To Accountancy
08th May 2020 20:18

I would say nil.

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By Not Anonymous
08th May 2020 21:05

I'm going with nil.

That's what the current HMRC guidance on how they are approaching the calculation seems to be saying.

https://www.gov.uk/guidance/how-hmrc-works-out-total-income-and-trading-...

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By Duggimon
11th May 2020 11:22

It's nil, the page linked by Not Anonymous confirms it in the examples, the trading profit is the income less trading allowance.

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