Share this content
0
1132

Trading allowance restricted for short period?

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

Didn't find your answer?

Search AccountingWEB

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.

 

Replies (4)

Please login or register to join the discussion.

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)
avatar
By fawltybasil2575
02nd Jan 2019 13:06

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

https://www.legislation.gov.uk/ukpga/2017/32/schedule/3/enacted?view=plain

Basil.

Thanks (1)
Replying to fawltybasil2575:
avatar
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!

Thanks (0)
avatar
By Cat's whiskers
02nd Jan 2019 13:53

Fabulous - thanks

Thanks (0)
Share this content