A new client has asked us to review the last 2 years tax returns. In one of them, they have 2 self-employments.
S/e income of £20,000 and expenses of £10,000 = OK. On the second one income of £10,000 and trading allowance of £1,000 has been offset.
Is the trading allowance actually allowable against the second business income? I had thought that the income from trades are combined together meaning that it wouldn't be claimable against the second trade as the expenses have been deducted within the first?