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 ?
Thanks
Replies (2)
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No you can change it to suit - expenses or trading allowance whichever is the most beneficial.