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Trading allowance restricted for short period?

Is the trading income allowance pro rated for a short accounting period?

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Hi all

Happy New Year

I'm struggling to find the definitive answer and hoping you may be able to help.  Is the trading income allowance restricted for a short accounting period?

Many thanks for your help.


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By Tim Vane
02nd Jan 2019 12:43

No, the length of the accounting period is irrelevant as the allowance applies for the taxyear, not the accounting period.

Thanks (1)
By fawltybasil2575
02nd Jan 2019 13:06

Tim is of course correct. Here is the legislation:-


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Replying to fawltybasil2575:
By Tax Dragon
02nd Jan 2019 13:23

A citation to a correct answer to a non-anonymous OP?

Basil you go straight to the top of the 2019 leader-board!

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By Cat's whiskers
02nd Jan 2019 13:53

Fabulous - thanks

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