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Trading Allowance and multiple income sources question

itm2
Posts: 1,471 Forumite



in Cutting tax
I am retired, but generate income from a few sources - each of which I need to declare on separate forms on my Self Assessment form. My question is: what would be the best way for me to allocate the £1k Trading Allowance on my Return?
The incomes sources are:
- IT Support - revenue £612, expenses £162
- Focus Groups - revenue £225, expenses £33
- Rental income from renting out our driveway on Justpark - £3,000
Since the Justpark income needs to be declared as income from property, presumably it is not eligible for Trading Allowance? If that's the case, then can I allocate the Trading Allowance across both of the other income sources to reduce my tax liability on those sources to zero?
The incomes sources are:
- IT Support - revenue £612, expenses £162
- Focus Groups - revenue £225, expenses £33
- Rental income from renting out our driveway on Justpark - £3,000
Since the Justpark income needs to be declared as income from property, presumably it is not eligible for Trading Allowance? If that's the case, then can I allocate the Trading Allowance across both of the other income sources to reduce my tax liability on those sources to zero?
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Comments
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You might want to read up on the Property Allowance.0
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Dazed_and_C0nfused said:You might want to read up on the Property Allowance.
As the other sources don't exceed £1k presumably I can just omit those from the Return altogether?0 -
you might find this useful
Tax-free allowances on property and trading income - GOV.UK (www.gov.uk)
as you are already in SA, you certainly need to do the rental income section and claim the property allowance against it
in respect of your self employment, you just confirm your profit is less than the trading allowance so no further details required
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