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Re:Claiming expenses if under personal allowance

14/05/2019 09:19:35
Hi.

You can set £500 against one trade and the balance against the other trade. Remember if you use the Trading Allowance you cannot claim expenses.
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Claiming expenses if under personal allowance

15/05/2019 12:37:14
Can you claim trading allowance on just one business and expenses on the other
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Re:Claiming expenses if under personal allowance

15/05/2019 14:19:47
Hi,

Each individual can only have one trading allowance per year, if they wish to use this. If you have more than one business and you wish to use the trading allowance instead of expenses, then you can decide how you wish to allocate it. You cannot use the trading allowance against one business and expenses against another.

I have given you a link to our business income manual which provides some examples of this.

Business Income Manual 86070

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