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Trading allowance

do you have to be consistent ?

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I have a client who, in addition to pensions, has a small part time business - turnover in the region of £10,000 pa.

In previous years, epenses have been a couple of thousand of pounds.

But, in 20/21, actual expenses are less than £500.

Q - can we claim £1000 trading allowance for this year, and then back to actual expenses next year if they are above £1000?  OR, do we have to be consistent with claiming either / or ?


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By mbee1
26th May 2021 10:56

No you can change it to suit - expenses or trading allowance whichever is the most beneficial.

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Replying to mbee1:
By Paul Crowley
26th May 2021 11:28

Effectively yet another bit of work on every small trader and landlord.

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